Are you having difficult qualifying for a traditional mortgage loan? Or are you on a short timeline and unable to wait around for the bank to make its final approval? If you are in either of these situations, you may be interested in a private mortgage loan. This type of financing is faster and much easier to quality for, as the private lender will base your approval mainly on the equity of your home (up to 90% of the home’s value) rather than your credit history or proof of income.
At AKAL Mortgages, we can walk you through the process of obtaining a private mortgage. We have been assisting clients with Mississauga and Brampton mortgages for 15 years!
A private mortgage may be the best solution for you if:
- You were already turned down by the bank for a traditional mortgage loan
- You struggle with poor credit
- You have income that cannot be verified
- You do not have time to wait for the approval process of a traditional loan
- You have unconventional mortgage needs (such as for residential or mixed-use properties)
Private mortgages are typically viewed as short-term solutions in the financing industry. These types of loans can provide you with the financial resources you need for a year or two, giving you time to become a stronger candidate for a regular mortgage loan.
For more information about private mortgages, call our office at (416) 621-1300 !