Lending requirements and mortgage norms across Canada have become relatively stricter and more banks are turning down consumer demands at the slightest pretext. Even business houses are facing rejections and losing out on growth opportunities for want of adequate resources. Criteria like good credit files, strong credit scores, and positive cash flow are coming in the way to the majority of consumers in Canada. This is exactly the reason that is motivating across Canada to look for alternative funding options, such as private mortgage lenders. But how do you choose the best and most reliable ones?
In this Guide
Finding the Best Private Mortgage Lenders in Canada
Given the huge demand for private mortgages, the number of private lenders has suddenly mushroomed up. Therefore, one cardinal way to look out for the best options is by judging them on the basis of the interest rates that they offer. However, remember not to choose just the ones with the lowest interest but also the ones that offer best interest rate terms for the consumers.
Along with low-interest rates, it is very important that the private mortgage that you decide on also has enough flexibility. This is particularly important in terms of catering to the consumer’s specific needs. They should be free to change the terms, look for refinancing options or any other alternatives that they want.
Consistency Of Service
Experience counts and the length of time for which a specific mortgage firm is in service is very crucial. This is exactly where consistency of service matters and you should choose among private mortgage lenders which is consistent. Look for a firm that follows standard operating procedures. Don’t ever fall for mortgage firms that might offer great deals but does not have enough consistency in their service.
Discharging Your Mortgage
Discharging your mortgage is almost as important as getting your mortgage. In this context do not just choose a private mortgage that gives you a lucrative rate but also one which has easy options to discharge the mortgage. This is particularly useful in case you plan to pre-pay your loan.
All in all, the key to finding the best private mortgage lenders in Canada is to opt for the ones that get you the right mix of lowest mortgage rates and terms of operation along with addressing your specific requirements with ease.