Featured Rates
%
5-Year Fixed Rate Mortgage
%
5-Year Variable Rate Mortgage
%
1-Year Fixed Rate Mortgage
%
3-Year Fixed Rate Mortgage
%
5-Year Fixed Rate Mortgage
%
5-Year Variable Rate Mortgage
Alternative or Private mortgages are short- term, interest-only loans, ranging in length from 6 months to 1 year. Interest only loans do not require homeowners to pay the mortgage principal down, and instead only require interest payments each month.
Alternative or Private mortgage doesn’t use conservative lending guidelines used by banks and conventional lenders. Most importantly, alternative or private mortgage lenders approval is easy and quick as Alternative or private lenders take into an account property’s overall value and marketability as opposed to simply the borrower’s credit history.
Key Takeaways
Most Common reasons to use Alternative or Private mortgage lender?
Alternative or Private mortgage comes handy under any of these circumstances:
- You want to refinance or purchase a property which bank won’t finance.
- You need quick financing and don’t want to wait for a long approval process.
- You have outstanding collections, liens, court judgements, CRA taxes and any other bills to pay
- You only need a short term loan.
- You are unable to provide confirmable income to your bank to obtain traditional mortgage