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Barrie Private Mortgages
What are private mortgages?The private money lending sector is any entity that is not a traditional lending institution like a major bank or credit union. Private Mortgages lenders fill in the void for people that cannot or do not wish to approach a regular bank or credit union for a mortgage loan, but why would some people turn to a private lending source? For a variety of reasons, some people that are in the market to purchase real estate prefer to deal with private lending sources like private investors, hard money lenders and private organizations. Yes, people that approach Barrie Private Mortgages lenders stand to pay more money for the mortgage loan because of higher interest rates, but on the flip side…it is sometimes easier to get approval for a mortgage loan from private lending entities.
How do private mortgages work?The Canadian government is sort of to blame for the crack down on home buyers and how hard they have to work to try to qualify for a mortgage loan through credit unions & banks (because banks get their funding from the government directly, they need to adhere to the laws and regulations the government sets forth, which in turn, makes it harder to be approved for a mortgage loan). Private Mortgages lenders are not regulated by the government like banks are so there is a lot more flexibility for approving applications. Private Mortgages lenders source their funding from private sources like investors, so if the real estate itself is attractive and worthy of an investment, then these investors will be more interested in the personal application of the potential home buyer. A sizeable down payment is required with any application as well as confirmation of income, credit history check (don’t be too concerned if it is less than perfect) and some other background information.
When is taking out a private mortgage helpful in your financial strategy?The opportunity to purchase real estate and call it home has a huge, meaningful and gainful impact on many people that thought home ownership was completely out of reach! Thanks to Barrie Private Mortgages and their lenders who will work very hard for their clients (you), there is an excellent approval rate for applications by everyday people who just want a break financially! The personal side of Private Mortgages is what can be gained by turning to the private sector as an alternate source of funding for a mortgage loan. Home ownership is a big leap forward for anyone and finally having the ability to realistically reach that goal is unsurpassed!
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