A high risk mortgage in Ontario can give you the chance to buy a home and still rebuild your financi

Conventional lenders don’t like risk. In fact, if you’re even remotely outside their comfort zone, they will not extend a loan. However, if you find yourself in this situation, you’re not without your options. A high risk mortgage in Ontario can be the answer. However, you’ll need to know a couple of things about these mortgages first.

Any high risk mortgage in Ontario is most likely going to come from a private lender, not a bank or a traditional financial institution. These lenders are willing to take on the extra risk posed by borrowers with high debt or bad credit, but they do so with higher interest rates. After all, shouldn’t the lender be reimbursed for taking such a risk?

Another thing to know is that the duration of the loan matters a great deal. At Mortgage Captain, we help you obtain a high risk mortgage in Ontario, but we structure these loans to last a maximum of two years. That limits your costs while allowing you to buy a home and rebuild your credit. At the end of the loan, we’ll help you find a lower interest rate conventional loan. Now that your credit has been improved, traditional lenders will be willing to work with you.

At Mortgage Captain, we’ve spent years building a vast network of conventional and private lenders, and we’re more than happy to help you find the ideal solution for your particular needs and situation. Call us today at 613-296-3892 to learn more about our solutions and services.