Private Mortgage: Just What You’ve Been Looking For!

A private mortgage might just be what you are looking for. With fewer formalities and increased convenience, a private mortgage lender from Toronto, Turkin Mortgage can be the perfect savior in times of financial needs.

Offered by individuals or businesses which are not financially registered – or financial institutions you wouldn’t think of traditionally – you have the lender ready to offer a loan to you on a particular interest and other repayment conditions.
While you would be paying higher interest rates than you would conventionally do, the benefits over traditional mortgages are many – especially if you’re in urgent need of some cash.

Here is a look at why it might help you.

• 1. Helps You Get The Money When You Need It

Banks and traditional financial institutions aren’t open round the clock. Additionally, they have stringent rules and restrictions, which can make it difficult if not impossible to secure a loan.
For example, you may be turned down for being a self-employed person or having a bad credit. Toronto private mortgage lenders have flexible terms and fewer restrictions which mean you can get the loan easily.

• 2. The Interest May Be Near to What Your Bank Offers

Banks also levy high fees for processing your mortgage. You can eliminate high costs by through the private way – and at times, your interest rate could even be lower than what you would get otherwise.

• 3. Offers You The Flexibility You Need

Expect greater flexibility, and high approval rates with less processing time – often in minutes – giving you access to funds when you need it most. You can go in for your bank later, when are out of the situation.

• Funding construction projects and property renovations
• Securing an alternative financing strategy to stop foreclosure mortgage
• Consolidate debt to improve credit score and cash flow
• As an alternative capital source for entrepreneurs
• Investment for commercial properties
• An income supplement for self-employed people who are not able to meet their financial needs
• As a source of bridge financing
• Securing fast funds to avail an opportunity with a fixed deadline
• Make funds available to pay off previous mortgages to improve credit score and write off debt

You need to adopt some precautions when you are getting money from a private mortgage lender. Use the following tips to have a successful and reliable deal.

• Official Agreement
  Always make an official agreement and get it down in writing before getting the mortgage. Use promissory notes for the agreement and get it registered with the local authorities.
  It will secure the loan and act as a foundation if some problem arises.
• Terms of Repayment
  Decide and follow the terms of payment. Don’t forget to agree upon interest rates should you happen to miss a payment. Alternatively, look for the possibility to restructure the debt in other ways later.
  The interest rate is also a crucial factor and you need to fix it before finalizing the mortgage.