London's Mortgage Agent partners with Private Mortgage Lenders in London Ontario.
London, ON -- (ReleaseWire) -- 08/31/2018 --Mark Mitchell - London's Mortgage Agent - has been helping to connect people who do not qualify for traditional mortgages with Private Mortgage Lenders in London Ontario and area. While Mortgage Brokers in London Ontario have not really focused on the provision of Private Mortgage Lending, Mark recognized the need for the service and sought to fill the gap!
Benefits of a Private Mortgage Lender
Private Mortgage Lenders operate independent of traditional banking and mortgage companies. Since they are independent they are not subject to the stringent guidelines set out by the government. This enables them to handle unique situations and circumstances when consider whether or not to provide a mortgage.
While traditional banks and mortgage lenders tend to lend base on credit score and income, Private Mortgage Lenders are concerned with the equity available in the property. Many Private Lenders will lend up to 85 percent of the homes value if it is in good condition and easily marketable. As London Ontario's housing market is now the hottest in Canada Private Lenders have been eager to lend the area, as it is seen as a safe investment.
Bad Credit Mortgages
As a result of the 2008 economic crisis many have been looking for what are called, "Bad Credit Mortgages." London Ontario was hit particularly hard by the economic crisis, with thousands of jobs lost. While Mark prefers the term 'bruised credit' he nonetheless is able to connect those that have what would be considered bad credit but a large down payment with a Private Mortgage Lender who is willing to lend based on Equity.
Private Mortgages can also work for people who want to re-finance their mortgage to consolidate debt but do not have the credit available to get a traditional mortgage from the bank. A Private Mortgage can help people consolidate their debt into a lower interest rate, making their monthly mortgage payments lower and decreasing their overall debt burden.
London Ontario Second Mortgages
Private Mortgage Lenders also specialize in second mortgages, often up to 90-95 percent of your home's value. These second mortgages are usually for just a one year term, after which you can usually switch over to a more traditional lender at a better mortgage rate.
Stop a Power of Sale or Foreclosure
Because Private Lenders can close a mortgage fast (see below) and they lend based off equity and not credit they are able to quickly stop a power of sale or foreclosure. While many banks or other institutional lenders are reluctant to step in to stop a power of sale from going forward, private mortgage lenders are happy to provide funding if there is enough equity in the property.
Because Private Mortgage Lenders do not have the volume similar to the larger banks they are able to close a mortgage quickly. If you need to get a mortgage fast a Private Lender can close a mortgage within 3 days, providing all documentation has been submitted.
To Contact Mark about a Mortgage in London Ontario visit https://www.LondonOntarioMortgages.ca, or Call or Text 519-860-2102.