WHY SHOULD YOU CHOOSE A PRIVATE MORTGAGE-converted
                      
 
Why Should You Choose A 
Private Mortgage? 
 
 
Many Canadians have turned to private lenders for mortgage financing in 
recent times. With the country's traditional lenders making mortgage 
regulations strict, many individuals who dream of owning their homes are 
denied the opportunity. Unlike banks, private mortgages follow a set of 
rules and guidelines that are similar to banks but are far more lenient. 
Below-mentioned is reasons why borrowers should choose a private 
mortgage: 
 
The application process is streamlined, and it is 
easier to qualify: 
 
Qualifying for a private mortgage is far less stressful and easier than a 
bank. Traditional lenders follow stringent guidelines that disqualify many 
applicants, especially those who are considered low-risk. On the other 
hand, private lenders focus on ensuring they find every aspiring 
homeowner the right mortgage. They do not focus on the borrower's credit 
history but mainly on the individual's property value when approving a 
loan. They also consider the borrower's assets and income, including 
determining if they will be able to make the monthly payments. 
 
Quick financing and less red tape 
 
The underwriting process for a mortgage from a bank is time-consuming 
and tiring. At times, the borrower might be asked to produce further 
documentation, and the bank needs to do a background check, credit check, 
take a look at the proof of income of the borrower, etc. On the other hand, 
private lenders bypass most of the red tape. They try to match borrowers 
with the right loan in the quickest time possible. They do not require most 
documents as a bank would; they only need necessary relevant information 
to influence their lending decision. In some instances, the mortgage can be 
approved on the same day. 
 
Fantastic interest rates and flexible solutions 
 
Private mortgage lenders are able to offer flexible financing solutions at the 
best rates possible due to their relaxed regulations. They can even provide 
custom financing solutions to their customers to meet their requirements. 
Unlike banks where the interest on mortgages is usually fixed, a private 
lender offers a range of interest rates based on the property type. They are 
also able to meet the demands for shorter loan periods. 
 
If you have a poor credit score 
 
Borrowers who have a poor credit score to qualify for a mortgage are 
prime candidates for a private mortgage. These loans allow borrowers to 
save for a more significant down-payment or build on their assets, even net 
worth. However, it is imperative to keep in mind; it is not valid for 
borrowers who have a repeated history of constantly not paying their debt 
or bad credit. 
 
For self-employed borrowers 
 
For self-employed borrowers who do not have a verifiable source of 
income, a private mortgage is perfect for them, as their loan request would 
be denied by a traditional lender; because they do not have a verifiable 
source of income, even if their credit history is good, but they cannot verify 
their income source, their loan application will still be denied. In this 
scenario, a private mortgage would provide these borrowers with a 
personalized financing solution to meet the requirements of self-employed 
individuals. If you are looking to apply for a private mortgage or more 
information, please do not hesitate to contact the team at Harpreet Puri 
Mortgage today. 
 
Contact Us Today: 
2969 Bovaird Dr East, Unit 2  
Brampton , ON L6S 0C6 
(844) 552-4678 
https://canadianlicmortgage.com/