Before you begin the mortgage application process, you may be wondering what type of Burlington mortgage you should apply for, and who you should get the mortgage from. Well, here at Loewen Group Mortgages, our team of experts has created a list of the top four benefits of getting a private mortgage.
Benefits Of A Private Mortgage
A private mortgage is a home loan offered by an individual or company that is not a bank. These benefits include:
- Your Mortgage Will Be Personalised
When working with a mortgage broker in Burlington, they will personalise your home loan that best fits your financial goals. A bank is more limited on what products they can offer you since they can only provide what is available at their institution. Private mortgages, however, are more flexible than the traditional bank mortgages, and can be designed to fit your specific needs.
- Your Broker Will Do All The Work For You
When obtaining a private mortgage in Burlington, your broker will do all the hard work for you. All you have to do is provide the appropriate financial documentation such as a personal ID, pay stubs with your current income listed, any properties you own, and any debt you may have. Once the broker has this information, they will run a credit check for you and they will shop the market to find you the best mortgage options for your homeownership goals.
- Your Broker Will Be More Available
If you choose to get a private mortgage, your broker will have a more flexible schedule than if you were to go to a bank. Brokers do not have to work the typical 9am to 5pm shift, which means they can work around your calendar and schedule appointments when it is most convenient for you.
- You Can Still Qualify Even If Your Credit Score Is Poor
If you have a poor credit score, you can still qualify for a Burlington private mortgage. Banks, however, will be less likely to approve you for a loan if your credit is less than ideal because you would be considered a high risk borrower.
For more information on benefits of a private mortgage, please contact the Loewen Group Mortgages Team at (289) 337-4029.