Privately Funded Mortgages
Most people tend to think of private financing as a last resort alternative, however privately funded mortgages gained much attention after federal government changes in mortgage regulations have made it more difficult for many people to obtain a mortgage through an institution (traditional financing). When having difficulties with institutional mortgages, privately funded mortgages are good alternatives to meeting your financial obligations. Whether you’re using private financing to pay down debt or purchase an investment property, a privately funded mortgage will give you the flexibility needed to ease your financial burden while allowing an easy payback option. Concerns about the risk and hassle of obtaining privately funded mortgages are common, but almost all private lenders are licensed professionals with a great deal of experience in the financial industry. The source of money can be from the lenders personal savings or money from a pooled MIC (mortgage investment corporation), where money is taken out of registered pool will multiple investors. Regardless of the source, privately funded mortgages are usually short term investments that can be sold off within 1-2 years. While some may try to obtain private financing through their own research, it does help to seek the assistance of a mortgage broker. A mortgage broker usually has a large portfolio of private lender/investors, each of which they fully understand the guidelines and criteria required. At Canadian Mortgage Services, we have been assisting clients with obtaining privately funded mortgages Brampton and privately funded mortgage Mississauga since 1988. Privately funded mortgages Brampton and privately funded mortgages Mississauga have become very common alternatives when looking to eliminate debt, free up cash flow and ultimately consolidate all high interest debt into one affordable monthly payment.