Ajaxmortgageagents.ca has a wide network of private lenders that can fund mortgages in Pickering, Ontario. They exclusively target individuals who couldn’t get bank loans due to low income or poor credit. Private lenders are not as strictly regulated as banks are by the government and can, therefore, provide loans to property owners who fall below the par for banks and other institutional lenders. According to the clients’ needs, private lenders offer different loans among them bad credit mortgages, second mortgages, debt consolidation loans, home equity loans, and construction draw mortgages to name but a few. Private lenders in Pickering strive to provide products that are tailored to the customer's needs.
Private Lenders for Bad Credit Mortgages in Pickering
Mortgage agents are real estate professionals with a license to trade in mortgages. They bridge the gap between lenders and borrowers to ensure the best deal for each client’s circumstances. Mortgage agents work with different private lenders in a network so that it is easy to negotiate the best deal for each client. This is much different from banks which have the same loan agreement that doesn’t accommodate individuals with bad credit. For private lenders in Pickering, a bad credit score is no bother as long as there is equity to leverage.
Services and Mortgage Types Offered by Private Lenders
Private mortgage lenders in Pickering offer a variety of services and loans designed for their clients’ unique circumstances. They provide debt consolidation, renovation and education loans that were inaccessible from banks owing to poor credit and insufficient income. This way an education loan would keep kids in school, a debt consolidation loan helps a client to pay other high-interest loans and a loan for home renovation might help clients sell their properties for better rates.
Second Mortgage from Private Lenders
A second mortgage is simply a loan taken out on a property when there is already another mortgage in place. To grant a second mortgage, private lenders must ensure that there is still sufficient equity left after the initial mortgage. That is why they are so keen to calculate the loan to value ratio on a property to determine its real worth as an investment. LTV is calculated by dividing the total debts with the price of a property and many private lenders in Pickering will only loan to 85% LTV on residential properties.
Private Financing to Stop Power of Sale and Foreclosure
Private lenders like registered loans against property as it gives them the power of sale. If you are unable to repay the mortgage in full and on time, the lender has a right to sell your house to try and recover their money. Rather than lose your home you can approach private lenders to stop a power of sale. A jaxmortgageagents.ca works closely with private lenders to help clients stop a foreclosure or power of sale. It is impossible to stop a power of sale once it is activated so the mortgage agent must strive to connect the client with the right private lender as fast as possible.