Sure, renting an apartment or a single family home can work, but few people want to rent forever. Ultimately, it’s a waste of money and time. However, if you’ve been turned down by conventional lenders because of your financial situation, employment status or other reasons, there is help. In Ontario, a private mortgage can be the solution.
What is this type of loan all about? In Ontario, a private mortgage is offered not by a conventional lender like a bank, but buy nontraditional, private lenders. These may be lenders, or even private individuals. The point is that these lenders are willing to take on extra risk that might drive traditional lenders away. That risk may be a recent divorce, or perhaps a bankruptcy. It could be something as simple as bad credit.
In exchange for taking on higher risk, private lenders charge higher interest rates. That’s why we at Mortgage Captain structure these loans so they last only a year or two at the most. This gives you the opportunity to buy a home and then begin rebuilding your credit. Once the original loan is paid off, we’ll help you find conventional lenders willing to charge less in interest so that you save money.
We’ve spent years building our network of lenders, and we’re proud of what we’ve achieved. We invite you to call us today at 844-254-4376 and speak with one of our representatives to learn more about how your dream of homeownership can come true.