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Private Mortgage Lenders in Canada Part 4

In financial advice, mortgage, private mortgages by Zoltan Padar

Private Mortgage Lenders in BC

If you live in British Columbia, you know that housing prices are higher than they have ever been. Combined with the CMHC insurance increasing the minimum credit score to 680 and the Bank of Canada increasing prime rates, getting a mortgage can be extremely difficult right now. That being said, people still need to live, and that may include purchasing a home. Even with the higher interest rates, the cost of rent has risen tremendously, so owning is still the cheaper option for a lot of people.

Because of this, many British Columbians are going with private mortgage lenders in order to get the mortgage that they need. As mentioned above, in order to get an alternative mortgage, your best option is to go through a mortgage broker. A mortgage broker will look at options from not only the best private mortgage lenders but they will also try to get offers from traditional lenders. Not only does this save you time from having to go from financial institution to financial institution, but it also helps to ensure you are able to secure a mortgage.

Private Lenders in Alberta

In Alberta, the cost of homes has also increased. While it is only roughly around 38% compared to BC’s average of 58%, it is still significant. Pair these higher home prices with higher unemployment rates, high crime rates, and the cost of inflation; people are turning to mortgages to combat the cost of rent.

No matter where you go, it is expensive to live in Canada, so finding the best way to invest in a home can be great for your financial future. While a few years ago, you may have been approved for a traditional mortgage in Alberta, it is a much more difficult process now. That can even be seen in those with current mortgages who either had to refinance or had their rates increase due to a variable mortgage. Just like with BC, the best way to see all of your options in Alberta is to get a mortgage broker.

By discussing what you can afford with your mortgage broker, they will be able to help you find the right mortgage with the right lender, whether or not that is a private lender. Because of the current economic climate and high prime rates, passing the mortgage stress test is more difficult. With traditional banks having federal and provincial restrictions, this leaves room for private lenders to help you secure a mortgage.

If you already own a home and need to tap into your home’s equity or are looking to get a second mortgage, a mortgage broker can help you find a lender for that as well. In Alberta, you can get a mortgage with an LVT of up to 70% currently.

Mortgages with Private Lender Inc. @ MortgagePRO Ltd.

When going through a bank or a mortgage broker isn’t an option for you, or you are looking for an alternative lender that can help you get the money you need fast, MortgagePRO Ltd. can help. We specialize in loans for those with all credit scores and can get you your money as soon as the same day you are approved. But did you also know that we do mortgages? That’s right! Whether you are looking to consolidate your debt, tap into your home’s mortgage, refinance your mortgage or purchase your first home, we can help.

Another great thing about our financial products is that they can help you increase and maintain your credit score.

If you are looking to consolidate your debt, you can apply online for an equity loan. If you are looking for a mortgage, apply now and let one of our licensed specialists guide you through the process. You are also welcome to give us a call at 1-403-253-2022 or connect with one of our agents through chat box on our home page. You do not have to be our client to receive advice on bank or private mortgages. FEE ADVICE FOR ALL to make better decision and save.