Mortgage Broker
St. Catharines
5 YEARS
SPECIAL
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Here's What You Can Expect When You Work with Our Team to Find the Best Mortgage Lenders
When it comes to choosing a mortgage lender, there are a lot of factors to keep in mind. Our team works to stand out from the competition by providing you with a wide range of core benefits. Some of those include the following.
Exceptional access to the top mortgage lenders available
It is always important to have access to a large range of lenders. Your situation is unique, and we recognize the need to obtain lender mortgages that fit your specific qualifications. That is why we work with many types of lenders to meet your needs. That includes private mortgage lenders, credit unions, traditional mortgage lenders, and B lenders. With so many options, you are sure to find the lender best suited for your individual goals
Outstanding resources to help you compare your options
Our team will help you to compare loan options and various mortgage loan features to ensure you get what is best suited for your needs. That could include low interest rates, a minimum down payment, or a loan for those who are self employed. We may be able to help you with a variety of options to fit most needs.
Support throughout the entire process
Our mortgage broker can help you through the entire process, from filling out a mortgage application to ensuring you can work with the best lenders out there. We know the mortgage market is complicated, and we also know that interest rates are on the rise. As a result, it may be important for you to have a helpful team to answer your questions and keep you focused on your goals. We are here for you!
Reliable results
With our connection to private and alternative lenders, you can be sure you will get the best results possible. Even if you may have some limitations on who you wish to borrow from or your credit report is not as qualified as others, we can work with you. As an experienced mortgage broker, you can depend on us to help you through the entire process.
Mortgage Broker St. Catharines
Working with a mortgage broker, St Catharines residents can count on getting the support they need to buy the home that fits their life. At Lowratemortgage.ca, we work closely with our clients to ensure they can access the mortgage lenders that fit their goals. If you want to buy a home with a low interest mortgage loan or need help with mortgage lenders who work with those with challenging circumstances, we want to help you. Our team can help you find the mortgage lenders best suited for your situation. That could be credit unions, private mortgage lenders, B lenders, and traditional lenders.
Why Should You Consider Private Mortgage Lenders?
Our mortgage brokers can help you determine if private mortgage lenders are the best choice in your specific situation. Because we work with many financial institutions, we can provide you with some insight into what you can expect. A few key reasons you want to turn to private mortgage lenders. First, if you have a low credit score (even a bad credit score) of under 600, you will most likely need to turn to a private lender to buy a home with a mortgage. Remember that lenders use credit history as a way to understand your financial health better. It is likely to make a big difference in whether you can get a loan. What is typically most important is that you do not have a history of missing payments. Also helpful is carrying a low balance on credit cards and having a low credit utilization rate. Also, a long credit history may help boost your credit score. Keep in mind that the Canada Mortgage and Housing Corporation (CMHC) plays a role in the decisions of traditional lenders. CMHC mortgage insurance is typically required if you hope to get a conventional mortgage lender. Most of the time, B lenders only offer insured mortgages. That means that if you do not qualify for a CMHC mortgage, you are likely going to need to turn to a private lender.
Are You Thinking About Debt Consolidation?
Many people seeking a private mortgage lender may be looking for debt consolidation. Debt consolidation is a way of taking numerous types of debts you have from various financial institutions and combining them into one new loan. With some private mortgage lender loans, you can do that with your mortgage. Typically, a mortgage loan will have a low interest rate compared to most other types of loans, such as personal loans or credit cards. That means that if you get a debt consolidation loan, you are able to take your high interest debt and convert it into a much more affordable loan. There are risks to this. For example, you will be converting unsecured debt into secured debt, which could put your home at risk if you cannot make payments.
However, this is a good way to get a lower interest rate. Lender mortgages for debt consolidation may be available through a variety of financial institutions, and that may include through a B lender mortgage and most private mortgage lender loans. Keep in mind that this depends on your home’s value and your ability to qualify for the mortgage lender and its loans. For those looking for a debt consolidation loan, don’t overlook the benefits that private lenders can offer. You may be able to be debt free sooner by refinancing into a consolidation loan, and that’s because more of the monthly payment you make will go towards paying down your debts. Our mortgage professionals can help you determine if a debt consolidation loan could be the right decision for your specific needs
Deciding to work with a mortgage broker empowers you. With the help of our service, we can help you compare a range of loan options to find those best suited for your situation. For some, traditional mortgage lenders are the best choice, and they provide low interest mortgage loans and mortgage rates that may be some of the best. Not everyone fits these requirements, though. That is why it is often best to work with a mortgage broker to help you find the lenders who want and can help you.
Why Work with Our Mortgage Brokers?
Find the Best Mortgage Loan Available for Your Needs
Residential mortgages are available through a range of mortgage lenders. Each can offer a different type of loan based on how they fund those purchases. It is ultimately up to you to choose the lender mortgage that fits your needs. However, the more information and resources you have, the better of a decision you can make for yourself. Yet, the mortgage market in Canada is complicated and it is far from easy to navigate. Let’s break down some of the most common mortgage loans that could help you.
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Answering Your Questions about Private Lenders and Loans
Discuss your needs with our mortgage broker today. We are happy to help you get specific answers to your very specific needs. Here are some questions that we are often asked about B lender mortgage options.
It is possible to avoid this type of insurance if you have a large enough down payment (more than the minimum down payment in some cases) and good credit scores. A traditional lender may be able to help you avoid that. However, if you do not have those high end qualifications, you may want to turn to private lenders. They offer uninsured mortgages that could fit your individual goals. Keep in mind that the interest rate you pay is likely to be higher.
Private lender mortgages tend to offer more leeway regarding how much of a down payment you need. Our goal is to help you to find the right balance. Having a down payment is a good way to keep your mortgage rate low and help you qualify for a loan. Typically, lenders require between 75 and 95% loan to value on their lender mortgages. For that reason, you’ll need to have some type of down payment, though the amount may differ based on the type of lender you are working with and your qualifications.
The mortgage rate, or interest rate, is a big factor in determining if you qualify for a loan. The lower the annual interest rate is, the more affordable it may be for you to purchase a home as this helps create lower monthly payments. However, many factors play a role in what you will pay. That includes your financial statements, good credit history, and available down payment. You will pay higher interest rates if you do not have a higher credit score. Additionally, keep in mind that other factors create risk to lenders. For example, if you are looking for a self employed mortgage, that is going to impact the risk level you are to the lender, causing higher interest rates. If you cannot prove your income, that too will play a role in what you pay.
The mortgage term for many lenders is no more than 25 years. However, there are some B lenders and other private lenders that may extend this a bit longer. The longer you have a mortgage loan, the more expensive it becomes because there is more time for the interest to apply to the loan. It is best to keep your mortgage term as low as possible while still ensuring it Is affordable to you.
When it comes to being self employed it can be harder to prove to a lender that you can make payments on time. Sometimes it can be hard to obtain a loan as a result. There are some B lenderand private mortgage options available to many people who are self employed, especially if you have good credit scores. Mortgage rates for the self employed could be higher. One reason for that is because it may beharder to prove what your income is. If you are self employed with guaranteed income, that maynot be hard to do, and mortgage rates will be lower. For other borrowers who need a stated mortgage loan, mortgage rates are likely to be higher, and a private lender mortgage is expected to be the best way to secure the funding you need. If you are self employed, do not give up on buying a home. With the right credit scores and the help from our team, with both B lender mortgages and private lender mortgage options, we can help you in most situations.
When Should You Consider a Private Lender?
There are a lot of instances in which working with a private lender could be the right option for you. We encourage you to turn to traditional lenders if you can meet the requirements the Big Banks set. If you cannot and you still want to buy residential properties, it may be worth it to
invest in other lenders. There are some situations in which working with a private lender is the best option. As a mortgage broker, we may encourage this in some situations. Here are some examples.
You have a low credit score
Big Banks view credit history as a very big part of the process of whether or not to lend. If you have bad credit, which may be a credit score under 650, it could be hard for the lender to approve your loan. Remember that credit scores indicate the risk a borrower presents to a lender. If you have a great credit score, traditional banks may be the route to take.
Loan to value factors
One of the more complicated topics when it comes to borrowing is the loan to value of residential properties. Also known as LTV, this is the comparison of the amount of money you hope to borrow and the value of the home. In short, it is a way to ensure that you are putting enough money into the home yourself through a down payment. A higher loan to value means the lender is taking on more risk. When the loan to value is low, that means the borrower has had a significant investment.
Some B lender mortgages will have a higher loan to value that is accepted if you have private insurance in place. Private lending does not allow for mortgage default insurance, but some private lenders will approve home loans with a higher LTV in some situations. If you do not have a large down payment, private lending could be an option for you.
Construction financing needs
Construction financing is more complex and carries a significantly higher risk level for lenders. That is why many lenders do not offer loans to build a home. However, you can get private lending support in this area. Private lenders offer mortgage products that include interest payments for a specific timeframe to allow for the home to be built. If you are hoping to build a home, you may want to check out the affordable options these lenders can offer you.
Self employed mortgage needs
If you are self employed, you may find Big Banks are not willing to lend to you. Sometimes a B lender will. Many times, it is best to look to private lending organizations. A private lender is more likely to accept stated income rather than just guaranteed income like other lenders do. Since many people who need this type of mortgage cannot show proof of income in the same manner, a private lender could be the right choice for you. That is especially true if you are a new business owner or you cannot prove all of your income.
You need a specialized type of loan
Are you thinking about debt consolidation? You may be able to refinance your existing home loan into a new one that allows you to borrow more money against your home. In doing so, you may be able to use that extra money to pay off your other debts. You may be looking for a second mortgage or a home equity loan. In these cases, you want to borrow against the unmortgage value of your home (called equity). That could help you to do some home improvements or use the money for other needs. If you are unsure what type of loan is best for your needs, allow our mortgage broker to help you. While lenders specialize in various types of loans, our goal is to help you find the loan that is best fitting to your individual needs. We can provide you with a free consultation to discuss your needs with you, too. Most private mortgage lenders are very flexible in their willingness to work with you in many situations. Let us help you find the lenders that are willing to do so. Chances are good you will be able to obtain a loan that works to help you buy the home of your dreams.
Contact us now to discuss any type of situation you are facing. As mortgage brokers, we have worked with people facing all types of financial limitations and concerns. We can help you secure the private mortgage lender or other financial institution best suited for your situation.
How to Get the Help You Need to Buy a Home
You can complete a mortgage application with us today to learn more about how we can help you. We offer fast and easy approval for most borrowers – and we do it quickly so that you know if you can buy a home through one of our lenders right away.
Why choose to work with us for your loan?
- We work to get you the best mortgage rates possible. Mortgage rates depend on many factors, but our lenders offer competitive rates.
- We work with most credit scores. Even if you have a bad credit score, you may still qualify for a private mortgage. Reach out to us to learn more.
- We have the lenders you want and need to work with, including B lenders and private mortgage lenders. That means more flexibility in helping you to get a loan that is best suited for your individual needs.
- We can help you with debt consolidation and refinancing needs, too. If you have a minimum credit score that our B lender mortgage or private lender mortgage financial institutions require, we can help you with debt consolidation in many situations.
- We will provide you with exceptional service. Our team is dedicated to helping you to get the best lender rates available. We work hard to ensure you know what all of your options are and ensure the best process possible.
Have you been turned down by the big banks for a loan? Are you looking for lender rates that are more affordable? Do you need debt consolidation help so you can start rebuilding your future or are you self employed? Let our team work with you. Our lenders specialize in working with those who need loans that may not meet Canada Guaranty or other rules such as Canada Mortgage and Housing Corporation rules. They still offer competitive lender rates, too. You can get started with us in no time. Reach out to our team now by filling out a mortgage application. We will review it quickly with you and help provide you with clear, accurate information about your options. Our team is dedicated to working with our clients to provide exceptional results. Expect us to be there to help you navigate and compare your options. Take the time now to complete an application for a loan or connect with our mortgage brokers to earn more. We are here to help you get the home loan that is perfect for your specific situation.
