What Is Private Mortgage & Who Can Apply It?, Abbotsford

If a prospective borrower is unable to get approved for a mortgage through a bank or a conventional mortgage lender, obtaining the funds they need may be possible with a private mortgage. Traditional lenders, such as trust firms, banks, and credit unions are referred to as A or B lenders who provide a low rate for a better credit score and income. There are many potential homebuyers who mortgage applications are not approved by banks or other institutional lenders, due to unforeseen circumstances, including rising property prices, high unemployment, and the stress test. With private mortgages, borrowers get the opportunity to realize their dream of homeownership or refinancing their mortgage, even if they are declared ineligible by the banks and other conventional lending organizations.