As a Brampton homeowner, did you know that you can benefit greatly from a private mortgage? Whether you are looking to improve your cashflow or you’re thinking about reducing high-interest debts, a private mortgage can play an important role and serve as a powerful tool to open up options for borrowing.
Being Frugal with Your Private Mortgage
If you’re a frugal homeowner you can lock in your interest rate at an extremely low percentile, whether you’re looking to secure and open, fixed, variable or prime termed loan. Consider these terms, types, and rates:
Term |
Type |
Rate |
| 1-Year | Open | 6.30% |
| 1-Year | Fixed | 2.29% |
| 2-Year | Fixed | 2.14% |
| 3-Year | Fixed | 2.20% |
| 4-Year | Fixed | 2.39% |
| 5-Year | Fixed | 2.35% |
| 7-Year | Fixed | 3.39% |
| 10-Year | Fixed | 3.69% |
| Variable | 2.20% | |
| Prime | 2.70% |
Banks can be complicated, especially if you’re looking to borrow more money for yourself or to help someone else, apart from your original mortgage. One of the options that most banks will offer is to allow you to apply for a new mortgage. Be very cautious here, this option can nearly double your current interest rate and cost you several hundreds extra each month.
In situations such as these it’s best to consider a Brampton mortgage broker. When you contact mortgage brokers in Brampton, simply explain your situation to an experienced and qualified broker. Once the broker is aware of the situation in its entirety, they can start to look for private lenders that will cater to your particular situation, in turn saving you on both the total borrowing cost, as well as on your monthly payment increase amount. Which is probably much better than any bank could ever do or offer to do for you.
Other Benefits to a Private Mortgage
If you aren’t too familiar with the mortgage industry, but you are highly concerned about your privacy then a private mortgage is just what you’re looking for, simply for the fact that they are called “Private Mortgages” for a reason. Private mortgages are quite popular among the self-employed. The 10 reasons why this option is so popular for self-employed individuals is because it allows them to:
- Act quickly with time-sensitive matters
- Maintain their confidentiality
- Only provide minimum disclosure to private lenders (the action of making their private information known)
- Negotiate pricing of the private loan, based on their particular situation
- Only pay monthly interest
- Have emergency funds (when needed)
- Pay off credit card debts
- Increase their cashflow with interest-only payments on a new private mortgage
- Save $700 to $1,000 per month
- Be creative and free with their equity, without bank restrictions or hidden implications
You’ve probably heard all the stereotypes about private mortgage loans, but these can simply be ignored. The truth of the matter is that private mortgages are becoming an a-typical preferred mortgage option and tool for borrowing because it helps homeowners to protect their original mortgage rates and reduce their high-debt interest interest rates using debt consolidation.
Want to find out if a private mortgage can meet your needs? Contact the brokers at AKAL Mortgages. When we say YES! We stand behind our promise.
