Private Mortgages

Best Mortgage Broker in Prince George, BC

A person with poor credit or someone that does not qualify for a mortgage because of circumstances or possibly it is the property that doesn’t qualify but that can be rectified in a short time, these people can often qualify for a private mortgage. These mortgages are provided by private individuals who are willing to take a risk that many lenders will not. These private mortgages are meant to be a short-term solution until the mortgage can be placed at a major bank or crust company. The maximum that you can usually borrow is 65-75% of the value of the property, so you would need a larger down payment, interest rate would be higher and there would be a fee to the mortgage broker because these lenders will not pay the broker.