Get a Private Mortgage Lender in Vancouver
Private lenders in Vancouver can assist homeowners with things like, home renovations, business capital, debt consolidation, tax arrears and more. The process unlike the banks is simple. By using a private lender, you can borrow up to 80% of your home’s value. Conditions apply so call us today and one of our mortgage brokers will be happy to assist you.
Top 8 Reasons For Getting a Private Lender In Vancouver
- In Vancouver, most people use private mortgage lenders to consolidate credit cards, lines of credit or other debts into one low monthly payment. This is usually the option when your income or credit will not allow you to qualify to refinance currently. The goal is to enable the client to obtain greater cash flow by lowering their monthly payments on many trade-lines into one low monthly payment. Usually, the client’s credit or income situation will change enabling them to refinance back at the bank in a year or two.
- IRD Penalty is too high. Interest Rate Differential Penalty is a penalty you might get for having a closed term mortgage. If you break the term to refinance your mortgage, the bank is entitled in some cases, to a large penalty. In these situations, the cost of private lenders in Vancouver can turn out to be more desirable than refinancing your mortgage.
- Business opportunities. A private mortgage lender is fast and easy to qualify for and this is sometimes more favorable in business due to the lengthy applications and piles of documents your bank may ask for. Business people need the flexibility to get fast cash to buy inventory or expand when an opportunity arises. Private lenders fill that need without you having to provide much, or any proof of income or credit.
- Home renovations.Equity loans & home renovations go hand in hand. Have you ever started a project just to find out that it is a larger undertaking than you had initially thought?
- Spousal separation. If you and your partner are divorced or separate and one wishes to stay in the home while the other wants to have money to leave, this can be easily qualified based on your home equity.
- Self employment, lack of declared income or offshore income. If your income comes from business located in countries like China, Russia or Greece, private mortgage loans allow you to state your income rather than qualify under your government declared income.
- Rental property purchase. You may not always qualify to purchase a rental property due to a variety of different reasons. With a minimum of 25% down, in Vancouver, private lenders can assist you in purchasing a rental property.
- Stop foreclosure equity loans. Bad things can happen to anyone and a few missed mortgage payments caused by unexpected life events can leave you in need of help from being foreclosed. We specialize in private financing to help stop foreclosure.
The process of working with private lenders in Vancouver is fast and easy and can help you add value to your home in no time.
Applying with Private Lenders In Vancouver
- Application (General Information about you & your home)
- Client Agreement (Signed document pertaining to the information and sharing of information in your application. Also providing written consent to provide a credit report)
- Credit Report (pulled by us on your behalf)
- Mortgage or LOC statements showing balances
- Fire Insurance Policy (to lawyer can place loss payable on your policy)
- Appraisal From One of our Approved Appraisers (Macintosh Appraisals , Niemi Laport & Dowle or others on a considered bases)