Vancouver is one of the greatest cities to live in. It is the dream of every resident to own a piece of this paradise. However, times are hard and banks are ever more wary about financing property investments. If you have identified your dream home and you need a mortgage, your income might be a big hindrance. This is where private lenders Vancouver come in handy.
These are private financial institutions with the prerequisite resources and industry expertise to help you own that home. Here is a preview of the services these lenders provide:
- Low Income Mortgages: If you are out of a job and you need to reorganise your mortgage, banks are not keen to listen. A private lender offers no or low-income mortgages to ensure you don’t lose your home. Stated income loans ensure you own a roof over your head despite the tough times.
- Private Financing: Traditional lenders are known for their rigidity. Luckily private lenders provide private mortgages even when your credit score is not impressive. You can use such financing to make good returns by flipping. The focus is not on your financial capacity rather on the Long-Term Value (LTV) of the investment you are making.
- Home Equity Loan: As a homeowner, you might have urgent financial needs and a private lender can easily provide cash against the appraised value of your home.
- 2nd And 3rd Mortgages: While refinancing remains a popular option, some situations call for second or third mortgages. Think of a looming foreclosure or unexpected costs in home repairs. These lenders will examine the situation and provide the financing.
Private lenders offer more flexible mortgage rates Vancouver deals. They are more approachable and their packages are versatile.