Getting a Private Mortgage to Buy Your Home
Private mortgages are becoming increasingly common because of high home prices and the difficulty of getting a mortgage through a financial institution due to the mortgage stress test.
If you’re an investor, a non-resident of Canada, dealing with a credit challenge, or simply looking for some short-term financing that has no penalties – we can help! At Ross Taylor Mortgages, we go through all your private mortgage options while providing you with years of insight and expertise to help you find exactly what you’re looking for.
What is a private mortgage?
Most people have heard of private mortgage lenders but don’t really know what they are or how they work. Private mortgage loans can be a viable, alternate financing source for borrowers and are typically a high-return investment opportunity for investors. It’s also an option if you’re unable to qualify for a mortgage with a financial institution (bank, credit union or trust company).
A private mortgage is typically offered by either a Mortgage Investment Corporation (MIC) or directly by wealthy private investors (individually or syndicated). It’s important to note that private mortgages are more expensive than traditional mortgages and tend to be for shorter terms.
The ideal private mortgage lender does not take advantage or use their leverage to be aggressive. If there is a need for an extension, they don’t turn it into an opportunity to be unfair or predatory. If there is a need for an accommodation, they don’t leverage it into a money grab.They work with people. They welcome people to stay with them, but don’t obstruct when they leave.
How our private lenders can help you
- Debt Consolidation
- Tax Arrears
- Stopping Power of Sale
- Restructure of Financing
- Mortgage Arrears
- Major Home Renovations
- Unique and “Non-conforming” Properties
Think a private mortgage could be a good fit? We’ll happily assess all your options to help you find exactly what you’re looking for.
Learn more about your private mortgage options today
We provide customized solutions with proven results, the best rates, and trusted lenders.