Reliable Private Mortgage Options with Our Expert Mortgage Agent In Durham Region and Toronto

Alternative Lenders Are More Flexible - Know Your Private Mortgage Options

Is a Private Mortgage Right for You? Factors to Consider

If you're in Durham Region & Toronto and exploring mortgage options, you might be wondering if a private mortgage is the right choice for you. A private mortgage can be a viable solution for individuals who need short-term financing or face challenges when it comes to traditional lending institutions. Let's delve into some factors to consider when evaluating whether a private mortgage is the right fit for your needs.

  • Short-Term Loan

    Private mortgages typically have shorter terms, ranging from 3 to 24 months. If you only require financing for a limited period, a private mortgage can provide you with the flexibility you need.

  • Non-Traditional Property

    If you're purchasing a property that doesn't meet the criteria of conventional banks or lending institutions, such as a unique or unconventional property, a private mortgage can be an alternative option to secure the necessary funding.

  • Unconventional Income

    If you have an untraditional way of declaring your income or are self-employed, traditional lenders may not consider all of your income sources. Private lenders, however, are more flexible in evaluating borrowers and can take a broader view of your financial situation.

  • Credit Challenges

    Poor or bad credit can make it difficult to obtain approval from banks or conventional lending institutions. Private lenders are often more lenient when it comes to credit history and can offer solutions to borrowers who face credit challenges.

  • Speed and Efficiency

    Private mortgages can be a suitable choice when you need funds quickly and don't want to go through a lengthy approval process. Private lenders are known for their expedited procedures, allowing you to access the financing you need in a timely manner.

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Private mortgages are ideal short-term secured loans lasting as little as 3 to 24 months per term (each deal varies from case to case). This mortgage is suited for individuals who almost qualify at a traditional lending institution but might need some more time to build up their credit, save for a larger down payment or grow their income or net-worth.

Traditional lending institutions are stringently red taped and focus heavily on income and credit score. Private/Alternative lenders’ on the other hand, focuses primarily on equity and is more flexible in the way borrowers qualify.

When do I consider a private mortgage?
  • You only need a short-term loan
  • You are buying a non-traditional property that a conventional bank or lending institution won’t give you a mortgage for.
  • You have an untraditional way of declaring your income, or you are self-employed and the bank in not considering all of your income.
  • You have poor or bad credit and the banks or conventional lending institution won’t approve you.
  • You need money quickly and are not able to go through a long approval process and risk not being approved.

Private Mortgage Rates and Payments

Private Mortgage Rates and Payments: Factors that Impact Interest Rates

It's important to note that private mortgages often come with higher interest rates compared to conventional mortgage lenders. However, there are various options available to help you manage your monthly payments effectively:

  • Monthly Interest-Only Payments: You can choose to make monthly interest-only payments, reducing your monthly financial obligations.
  • Deferred Payments: Another option is to defer your monthly payments until the end of the loan term. This can provide short-term relief, particularly if you expect an increase in income or have a specific financial strategy in place.
  • Pre-Payment: Some borrowers choose to pre-pay their monthly interest payments when the loan is funded. The pre-paid amount is then deducted from the total loan amount, helping to lower the overall loan balance.

At Canadian Tailored Mortgage Solutions, we offer a range of solutions for all your financing needs. Our experienced Mortgage Agent in Durham Region & Toronto is well-versed in private mortgages and can guide you through the process. Start Your Online Application Today! Contact us at (905) 509-8164 to discuss your options and find out the best rate for your private mortgage. This service is free with no obligations.

Mortgage Broker in Durham Region & Toronto

As your trusted Mortgage Broker in Durham Region & Toronto, Canadian Tailored Mortgage Solutions is committed to finding the best mortgage solutions for our clients. Whether you're considering a private mortgage or exploring other options, our experienced mortgage agent is here to assist you every step of the way. Contact us today to start your online application and discover the financing solution that suits your needs.

Contact Our Reliable Mortgage Broker In Durham Region and Toronto


Flexible Private Mortgage Options That Work for You

With a private mortgage, you have the opportunity to secure financing through private lenders rather than traditional financial institutions. Private mortgages offer more flexibility in terms of loan terms, interest rates, and qualification requirements. Whether you're looking to purchase a property, refinance an existing mortgage, or access equity in your home, a private mortgage can provide you with the customized solution you need. Apply today to explore your options and apply for a private mortgage.