What Are Private Mortgage Rates?
Private mortgage rates in BC come from mortgage lenders in the alternative, home equity or non-conforming mortgage market. Mortgage loan rates from these types of private mortgage lenders in BC are higher than conventional mortgage rates due to the degree of risk in the borrower’s application.
What Are Today’s Private Mortgage Rates
In BC there are no fixed rates, so these will change depending on your financials, property and borrower.
Give us a call. With less than a 5 min conversation, we can assess your situation and give you an idea right over the phone before even filling out an application. There is no obligation, and you’ll find we offer some of the lowest private mortgage rates in BC.
What Are Private Mortgages In BC Best For?
You can borrow money for things like debt consolidation, home buying or renovations, pre-sales, business capital, self-employed, outstanding taxes, education, and much more. It’s a good idea when borrowing money at a higher interest rate, to make sure you are using the funds to better your credit score. This will help you go back to the banks in a few years.
Private Mortgage Rates In BC For 2nd Mortgage
Private mortgage rates on 2nd mortgage loans vary depending on the amount of home equity you have and your real estate location.
These alternative mortgage options in BC have higher rates than conventional 1st mortgage interest rates. Still, you can use them to consolidate high-interest credit card debt, do a home renovation, or for anything you want. And since these are usually interest-only or amortized over 25 years or more, they can considerably lower your monthly mortgage payment.
Before you make any financial decisions, it’s a good idea to deal with a Mortgage Specialist who has access to the best private lenders in Vancouver and various mortgage loans. This way, you can be confident that you’ve sourced competitive loan products and services at the lowest private mortgage rates. Head on over to this page, which highlights our best rates for different mortgage terms (and how they compare to bank rates!)
What To Consider | Private Mortgage Rates BC
When looking for a private mortgage rate in BC, consider all the costs involved. Some lenders offer low introductory rates but then yield it up with a lender fee. Some lenders have high payout penalties, whereas others provide a percentage of the mortgage’s total amount to renew. All these can affect your actual cost to borrow when looking for First & Second monthly mortgage rates.
Another example; a payout penalty of 4 months for early payout. This could add another 4% annually to your cost of borrowing.
And again, look at your renewal fee. Some private lenders have a one-time fixed fee, yet others charge 1% or 2% of the loan amount to renew. These can effectively change the rate of borrowing in the next year of your term.
Learn tips on how to improve your credit, and check out our blog for some examples of the best mortgage rates in BC.
