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Private Mortgage Vaughan
When it comes to applying for a private mortgage in Vaughan, Lend at Ease should always be your first choice. We have a team of excellent mortgage brokers who will always see to it that all your financial requirements are met and you understand everything in the paperwork before signing on the dotted line. As a financial product, private mortgages are our speciality and we do everything we can to give you the best contract with a highly affordable interest rate. Schedule a consultation now, we look forward to hearing from you.
Is it necessary to choose a private mortgage?
A private mortgage can fill up this void. It helps borrowers bypass several requirements that are associated with traditional mortgages. Here are some reasons why you may choose a private mortgage.
Ease of qualification: With traditional money lending institutions such as banks, applying for a mortgage comes with a lot of rules and requirements that a borrower has to meet. Even after meeting those, it would take weeks for the loan to process. If you are applying for a private mortgage, you would need not to face such hurdles and will have access to the funds in a very short span of time.
No large down payment: This is another challenge that comes with a traditional mortgage. You might have to make a 20% downpayment of the property price. It might be difficult for anyone to gather and spend that much, however, if you opt for a private mortgage, there is no such obligation. For further details, get in touch with our team at Lend at Ease.
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Getting the best rates on a private mortgage in Vaughan
If you’re hoping to get a good interest rate on your private mortgage, you will need to ensure that you’re pre-qualified. Here are some factors that mortgage lenders evaluate, as well as some tips that you can use to improve your current standing.
Credit score: If your credit score is more than 760, you will not need to worry about your interest rates at all. However, if it's in the lower digits, think about ways of improving it. Keep your credit report up-to-date and if there are any errors, apply for a correct request immediately.
Income stability: Mortgage lenders prefer candidates or borrowers who can prove steady employment for at least the past two years. If you have long periods of unemployment, it won’t sit well for your application, and neither will a pattern of declining earnings. However, given you can present a viable reason, that can help.
DTI or Debt-to-income ratio: This comes in two factors, the back-end ratio measures the total of all of your monthly minimum debt payments, including your proposed new housing payment. All of that is divided by your stable monthly gross income. The front-end ratio focuses solely on your housing costs. The maximum back-end DTI is 43% for an FHA loan. The mortgage lender might allow you to exceed the limit if you are strong in every other area of your loan application. However you should know, a lower DTI may result in a lower interest rate.
Down payment: If you can pay a complete 20% downpayment when purchasing your property, there are high chances of getting a low-interest rate for your mortgage. If you’re paying only 5%, it would be considered a risky option and you will also have to purchase private mortgage insurance.
How to get a Private Mortgage in Vaughan even with bad credit?
If you’re not meeting the bank’s threshold to be eligible for a mortgage just because of your credit score, you don’t need to worry anymore. Just pick up your phone and give us a call, tell us your financial requirements and we will take care of the rest. Generally, you should have a minimum credit score of 600, however, understand that maybe for some reason your score might’ve taken a hit. What we check is if you can pay the loan back in time if you can do that we will process your mortgage loan and you can buy that dream home that you’ve been looking for. For more details, contact Lend at Ease in Vaughan.
Advantages of Using a Mortgage Broker to get a Private Mortgage in Vaughan
Mortgage brokers from Lend at Ease have a network of reputable lenders, some of whom you may not even know about. We can also steer you away from lenders who put onerous payment terms are buried in their mortgage contracts.
We keep ourselves up-to-date with the latest market trends and can get you access to special rates from lenders due to the volume of business generated that might be lower than what you can get on your own.
We can help you in managing several types of convenience fees that come with a mortgage application, such as an appraisal fee, application fee as well as organisation fee.
Hiring our team at Lend at Ease would mean that you would be working with a team of professional mortgage brokers who can give you access to a wide variety of private mortgage products. Reap the benefits today, contact our office in Vaughan and set an appointment now!