Private Mortgage Lending
Exploring Private Mortgage Lending
What Is Private Mortgage Lending?
Private Mortgage Lending is a non-traditional financing option that allows homebuyers or homeowners to secure a mortgage when conventional lenders may not approve their application. These mortgages are typically provided by private investors or alternative lending institutions, offering flexibility for unique credit, employment, or financial situations.
Why Should I Consider a Private Mortgage?
Private mortgages can help those who have been declined by banks or need short-term financing solutions. Jackie Woodward guides Alberta clients through private lending options, ensuring you understand the terms, interest rates, and repayment requirements to make an informed decision.
Step-by-Step Guide to Private Mortgage Lending
Assess Your Needs:
Determine why you require private lending and how much financing you need.
Consult With a Broker:
Jackie evaluates your financial situation and identifies private lenders that can meet your needs.
Prepare Required Documents:
Provide proof of income, property details, and any existing mortgage information.
Submit Your Application:
Complete the application accurately and submit all documentation to secure approval efficiently.
Private Mortgage Lending FAQ
What is a private mortgage?
A mortgage provided by a private investor or lender rather than a bank or credit union, often for clients with unique financial circumstances.
Who benefits from private mortgage lending in Alberta?
Homebuyers or homeowners who may not qualify for traditional financing due to credit, employment, or other reasons.
Are private mortgage rates higher than bank mortgages?
Yes, interest rates are typically higher, reflecting increased risk for lenders.
How long are private mortgage terms?
Terms are often shorter than conventional mortgages and may require repayment within a set period.
Can Jackie help me find a reputable private lender?
Absolutely. Jackie works with trusted private lenders in Alberta to secure financing that aligns with your needs.
Happy House Hunting!
The Mortgage Girl offers mortgage services across Alberta, including Edmonton, Gibbons, St. Albert, Sherwood Park, Thorsby, Millet, Leduc, Stony Plain, Spruce Grove, Fort Saskatchewan, and surrounding areas, with the ability to assist clients anywhere in Canada.