Getting mortgage loans from banks can be frustrating. It becomes more discouraging when you keep on receiving NO for your loan requests. Don’t give up; contact trusted private lenders in Vancouver who will meet your financial needs.
Private lenders in BC offer the best loan deals. They are quick and provide higher approval for your mortgage.The lenders assist and fund both individuals and real estate investors. Whether you need to buy a new investment property, refinance your current property, consolidate debt, or find private funding, they offer what you want.
Mortgage Options
Private lenders in BC offer mortgage options at the best rates. They come in a variety of products that suit your financial needs.
There are mortgage loan types for the self-employed. The lenders offer it through various programs such as low doc mortgages and stated income. The various mortgage programs have different amounts of down payments to make.
Another mortgage option is income verified or income gross-up. The private lender takes time to authenticate the amount of income you receive after a particular time, like monthly.
There are also second mortgage options. They offer private mortgage lending up to 75%. Neither your income nor credit is required for you to qualify for the loan. You receive approval based on your home equity.
Other options include HELOC, bridge loan, debt consolidation, commercial mortgage, non-resident home loans, to mention but a few.
Alternative Mortgage Lenders
Many private lenders provide the best alternative mortgage lending. They offer a wide range of alternative mortgage products that suit the homeowner’s needs. Alternative lenders give homebuyers benefits that are not available through the bank.
Unlike banks, alternative mortgage lenders approve your loan based on home equity and not income or credit scores.
The Private mortgage rates
The lenders in home equity, alternative and non-conforming mortgage markets set the private mortgage rates. The rates are higher than the conventional mortgage rates because of the risk involved in the borrower’s application. There are no fixed mortgage rates in BC. They change based on the borrower, the property, and financials.
The private mortgage rates in BC for the second mortgage loans also differ. It all depends on your amount of home equity and the real estate location. Look at all the costs you will incur before settling for the private mortgage rate.
Private Mortgage Lenders
Private mortgage lenders approve loans fast. Some even take as little as 24 hrs. They offer first, second and third mortgages for various reasons like debt consolidation, home renovations, vacation loans, education, and buying a new home.
You can receive a loan approval of up to 75%. In other cases, it goes to 85% of your home’s value that applies in big cities. The loan to value ratio in smaller populations is less; it’s around 50-65%.
Banks are becoming unreliable in issuing mortgage loans. Besides, their loan processes take too long. The good news is that you can contact private mortgage lenders and get funding within the shortest period. They offer various mortgage options that meet your needs. In addition, you get loan approval depending on your home equity and not income or credit score.Contact private mortgage lenders for the best loan deals.