Have a low credit score? Unable to secure a conventional mortgage? Then you might be interested in exploring what private lenders for mortgages with bad credit can offer you. In this article, we will discuss the benefits of working with a private lender, how to find one, and how to ensure you get the best offer for your needs.
Private money lending might seem scary, especially if you aren’t familiar with the financial industry. However, this is a very common type of financing with numerous benefits, including flexibility and fast loan approvals. In this article, we’ll discuss private mortgage lending in Canada and show you how the process unfolds.
Interested in learning about what private mortgage lenders offer for the self-employed? This article will answer popular questions around self-employment financing and teach you how to get the loan you’re after.
When talking to BFS — business-for-self — individuals, most of them are unhappy with the many write-offs they receive, which, in turn, lowers their income.
The discussion often drifts into comparing the taxation rate with the bank’s mortgage rate, but here is the trick; when looking at the whole picture with the goal of saving money, the tax rate should be compared with the interest rate. This is what makes alternative mortgages substantially cheaper.
Taxation is one thing. Interest is another.
Here are a few tips to help you find a mortgage lender, traditional or private while maintaining your status as self-employed.
Meeting all the qualifications required for getting a self-employed mortgage can be challenging but not impossible. Traditionally the bread and butter of B-lenders, the ever-expanding private sector of individual contractors and freelancers have encouraged A-lenders to accept their business too.
However, if you’re self-employed, there are a few things to keep in mind to secure a possible mortgage offer.
Private Mortgage Insurance (PMI) is a form of insurance that protects the lender against loss in case you default on your mortgage payments. If something were to happen and you lost your house because of illness or loss of job, a PMI won’t pay the mortgage on your behalf. Read on to learn more about getting private mortgage insurance in Canada.
Buying a house is never a 100% seamless process, regardless of where you find yourself in the world. It’s no different in Canada either. Homeownership comes with costs that are typically difficult to be paid upfront and in full by the great majority of home buyers.
If you are creating a rental portfolio, you should know that, even though technically there’s no limit to how many conventional mortgages you can acquire, getting more than four is pretty much impossible. In this scenario, most buyers resort to private lenders, who offer much more flexibility around portfolio loans.
In this article, we’ll discuss the main differences between private lenders and banks in regards to owning several rental properties.
Individual mortgages can be quite a gamble when investing in the Canadian real estate market. They require patience, tons of research and, most of the time, a leap of faith. Traditionally, this bureaucratic hassle has been passed over to specially appointed private lenders. But is there an alternative to this? Yes, there is, and it comes in the form of a Mortgage Investment Corporation (or MICs, for short).
A hard money lender can mean different things to different people. In BC real estate this refers to individuals or companies like a (MIC. Mortgage Investment Corporations) that lends mortgages outside the banks strict lending guidelines. In the mortgage industry we refer to hard money lenders as private mortgage lenders or home equity lenders.
Is there an easy way to get a home equity loan with bad credit? Will a low credit score allow you to pull equity out of your home and use it for home improvements, a family vacation or your daughter’s wedding? The answer is yes! Click to learn more.
Wondering what to choose between a home equity loan vs a home equity line of credit (HELOC)? Your search for answers is over!