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Barrie-Private-Mortgage-Loan

Securing Private Mortgage Loan

In Barrie Ontario Canada, as well as many other places, borrowers have found it difficult to secure conventional mortgage loans. This is, more often than not, a result of the stringent requirements imposed by lenders on borrowers. Such lenders, which include banks and large financial institutions, have specific criteria that they use to underwrite mortgages, like thoroughly evaluating a borrower’s credit history, their debt ratios, and their current financial status. It, therefore, does not come as a surprise that many people fail to meet the high standards set by these lenders. As a result of this, private mortgage lenders have met a need in the market for borrowers who do not qualify for conventional mortgages. This has contributed to private mortgages becoming popular solutions for people with bad or damaged credit or who are self-employed.

Private Mortgages Agreements

A Barrie Private Mortgage Loan is recognized as a legal type of mortgage that a borrower can attain. When you apply for a mortgage loan, as a borrower, you will need to make sure that your agreement is written and that it clarifies certain important details – this way there will be less surprises and risks.

The borrower needs to be aware of the following;

  • The payment arrangements – when are they due and how much will the installments be?
  • How the payments will be made – cash, cheque, direct payment or any other means, and where they should be made
  • What is the term of the mortgage that the private lender is providing? Are there any penalties for early discharge? Can the mortgage be renewed?

Proper documentation for the agreement is very necessary. It protects both the borrower and the lender.

Benefits of Private Mortgage Loan

Discussed below are some benefits to acquiring a Barrie private mortgage loan

  • The process of successfully securing the mortgage loan is easy

Unlike obtaining mortgages from banks or other large financial institutions, private mortgage lenders often offer less stringent measures for the borrower. Borrowers unable to get approval for mortgage loans with large financial institutions usually because of the state of their credit, income and or amount of debt. Some people get denied for a mortgage loan because they are self-employed. Large financial institutions will carefully analyse a person’s financial history before they will qualify them for mortgage loans. A private lender, on the other hand, is more focused on the property. This means that a private lender is more likely to advance the mortgage loan if the property being mortgaged is of good quality in a nice neighbourhood. They  are more interested in the vakue of the property than they are in your financial history.

  • Faster Process of Closing

Private lenders can take anywhere from 7 to 10 days to fund mortgage loans. Now, this is a much shorter period of time compared to obtaining mortgages from conventional lenders who can take as long as 30 days to underwrite and fund the mortgage. This is to be expected because as discussed earlier, institutional mortgage lenders will want to thoroughly assess and examine your credit history as well as your financial status. For many, applying for a conventional mortgage, not only is the process long, but in many cases turns out to be unsuccessful.

There is, therefore, great benefit in getting started on securing your Barrie private mortgage loan as soon as possible.

WHAT PEOPLE ARE SAYING…

  • “Rent-to-own made possible”
    We would like to thank Matthew and his team. We put a lot of money down on a Rent to Own property that we were renting, but we could not get anyone to help us out till we found Mathew. He made it happen and closed on time when know no one else could. From all of us here THANK YOU! We now own our own house!

    C.T., HAMILTON, ON
  • “Best Mortgage Team I've worked with”
    Matthew and his team are the best mortgage team I have ever worked with. They are extremely hard working and bend over backwards to get the job done no matter how complicated or difficult. If there is a way – they will find it. And it will be in YOUR favor. Matthew goes out of his way to set you on a path of success. This is our second mortgage process we have gone through with Matthew, and we are in a better position now than we were the 1st time – all due to Matthews efforts and guidance. After following his recommendations and guidance over the next year we will use Matthew again for our next mortgage and be in an even better position then. If you need a mortgage done, no matter how complicated, call Matthew. He’ll make it happen.

    M.Z. BRANTFORD, ON
  • “No hesitation recommending”
    Matthew’s knowledge, experience and above and beyond work ethic sets an exemplary standard of professionalism and accountability. His integrity and drive is second to none… He truly is a miracle worker!! I have no hesitation in recommending his services to anyone seeking expert assistance. I’m beyond grateful and blessed!!

    M.D., BINBROOK, ON
  • “A tough deal that others could not do!”
    Access mortgage did a great job in getting us a mortgage. It was a tough deal and they were able to get it done when others couldn’t. I would not hesitate to use them again.

    BEA - CAMBRIDGE, ON
  • “Seamless from beginning to end!”
    I just want to say 'thank you' to all of you, especially Matthew. The financial stress started affecting my health and my life. I could not sleep or focus at work. Now it has given me control on my life by connecting me to a great lender. I have gone from being full of stress to being stress-free.

    JULIE - HAMILTON, ON
  • “From full of stress to stress-free”
    I just want to say ‘thank you’ to all of you, especially Matthew. The financial stress started affecting my health and my life. I could not sleep or focus at work. Now Access Mortgage has given me control on my life by connecting me to a great lender. I have gone from being full of stress to being stress-free.

    M.D., MISSISSAUGA, ON
  • “Patient with deep understanding”
    Thank you for all the help that you gave me, most patiently and with deep understanding. I was very comfortable asking you everything and anything. Your team did great job in making me understand the financial side. I have learnt a lot. Thanks to Matthew for taking time to come to my place. He not only did his work, but for a short time, took me back to most nostalgic memories of my life, before I came to Canada. I am also grateful to the lawyer for coming to my place to meet with me, and quickly closing the mortgage and releasing the funds.

    S.S., MISSISSAUGA, ON
  • “Got creditors off our back”
    I can’t say enough how great your company has been. Matthew, thank you so much for making all of this process so easy for us. Our bank would not help us and you were amazing. Your company kept us informed every step of the way, and not once were we made to feel inferior like our bank did. The lawyers you set us up with were also awesome. I will highly recommend your company to anyone looking for mortgages. Thank you so much for getting creditors off our back and setting us on the right track. You guys are all amazing. I’m also so impressed that you came to us do to everything.

    K.K.P., HAMILTON, ON
  • “Best mortgage team I’ve worked with!”
    Matthew and his team are the best mortgage team I have ever worked with. They are extremely hard working and bend over backwards to get the job done no matter how complicated or difficult. If there is a way – they will find it. And it will be in your favour. Matthew goes out of his way to set you on a path of success. This is our second mortgage process we have gone through with Matthew, and we are in a better position now than we were the 1st time – all due to Matthews efforts and guidance. After following his recommendations and guidance over the next year we will use Matthew again for our next mortgage and be in an even better position then. If you need a mortgage done, no matter how complicated, call Matthew. He’ll make it happen.

    C.H. - ST. CATHARINES, ON
  • “Extremely Fast!”
    Access Mortgage was extremely fast and explained everything well. We were very happy with their professional service and honesty. I would definitely refer them.

    LISA - BRANTFORD, ON
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