Private Mortgages Mean More Flexibility
For situations where banks are unable or unwilling to lend money for your mortgage, private lenders are an alternative option for borrowers. A private mortgage or loan may be the preferred option, depending on the circumstances. Private lenders generally offer more lenient repayment terms and are more flexible in their terms while financing your loan.
Worried About Your Source Of Income Or Borrowing History?
There are many private lenders in Ottawa that will grant you a mortgage, even with a bad credit history. Because institutional lenders are stricter about their mortgage underwriting, including who they can lend to, many people with a bad credit do not realize they can get a mortgage. The strict regulations with institutional lenders is especially inconvenient for people with non-traditional incomes such as service workers, seasonal workers, and self-employed individuals.
With private lenders, a mortgage may be within your reach, no matter your history. Chris Allard provides you with options, and private lenders take many factors into consideration including unconventional income and personal history, not simply your credit rating. Many private lenders include the opportunity of a lower rate after you demonstrate a positive repayment history, and can even help rebuild and improve your credit, getting you a better rate just a few years into your mortgage!