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Private Mortgage Financing in BC

When your financial situation has gotten to a point where getting a traditional mortgage through a bank is not feasible, you may need a private mortgage financing. Our mortgage brokers like to think of a private financing as a band aid, they fix a short term financial problem.

Private mortgage financing is not for everyone, as professional mortgage brokers we want to make sure the client will be in a better situation after they get the loan and we also will lay out a plan so that there is an exit strategy to get out of the mortgage sooner. If your credit has become bruised, and debts are piling up, don't wait till it is too late, call us today and we will offer you a way forward..

Private mortgages in BC will usually come with a fairly high interest rate, and the lender will usually charge a fee, however it can be a small price to pay to help you get out of a difficult financial situation. If you would like to talk about the suitability of a private mortgage for your financial situation, talk to us today; private financing is not the solution but it can be the short term fix you need. We highly recommend taking our credit rehabilitation program at the same time as doing a private mortgage to ensure your credit issues are fixed when you get your next mortgage.

Questions About Private Mortgages  

     1) Can you do a private mortgage financing when you have no down payment or refinance your home when you have very little equity?

No, the one important requirement of private financing is to have equity in the property.

     2) I am going into foreclosure, can you help?

Yes, in many cases our lenders will buy you out of a foreclosure situation, as long as you have at least 20-25% equity in the property. Again, this is not a solution, but it can buy you time.

     3) Why are there fees for private mortgages?

The lenders who arrange these loans generally do not make any money on the loan other than through fees for arranging them (it is usually not their money), the lender than pays us as the mortgage broker on the deal for assisting in putting the loan together.

     4) Can you do private financing on any property, any where?

No, these loans are very specific in where they will lend and what they will lend on. They want to be in decent sized centers on properties that are marketable so if they find themselves in a foreclosure situation they will be able to sell the property fairly quickly.


Private Mortgages

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