When to Consider Private Lending: Private Mortgage vs. Traditional Mortgage
Private lending exists for homeowners who cannot get a mortgage the traditional way. If you have bad credit, non-traditional income sources a bank will not accept, or a time-sensitive deal that must close fast, a private mortgage may be the right path forward. This guide covers what private mortgages are, how they differ from traditional […]
Private Mortgages in Windsor ON: How to Access Funding When Banks Say No
Private mortgages offer a practical path forward for Windsor homeowners and buyers when traditional lenders say no. If you’re looking for mortgage funding because of bad credit, self-employment income, or a tight closing deadline, a private lending solution can bridge the gap that banks leave open. Team Zanet at Windsor Mortgage Solutions — one of […]
How to Qualify for A Mortgage When You’re Self-Employed
Getting a Self-Employed Mortgage feels more difficult than a traditional mortgage. Self-employed people in Windsor-Essex County face unique challenges. Lenders want stable income and clear documentation. But self-employed individuals have fluctuating earnings and tax deductions that lower reported income. Here is the good news: mortgages for self-employed individuals are available. Windsor Mortgage Solutions helps self-employed […]
The Impacts of Rising Interest Rates on Mortgage Holders
People are keeping a close eye on the cost of living in Canada, especially with rising interest rates impacting mortgage affordability. Understandably, they are concerned about their financial well-being after several Bank of Canada interest rate hikes and the cost of inflation cutting into already delicate budgets. This informative guide deep dives into how fluctuating […]
Why Banks Turn Down Loans
If you’re hoping to get a loan, you might be worried about having your application rejected. Or you might have already been turned down by a bank and you’re not quite sure why. When you’re applying for a loan, it’s a good idea to understand why banks turn down loans so you can do you’re […]
The Basics of Getting a Second Mortgage
A common question we hear often is “how does a second mortgage work?” and these questions are usually followed by requests for more specific details. A second mortgage is similar to the first mortgage you took out to buy your home. However, a second mortgage is taken from the equity on your home. What is […]
Will Mortgage Rates Go Up in 2022?
The housing market of 2022 can be closely related to the state of the market in 2021. Speculations predict that although the housing market will experience weaker competition, the overall market is still expected to be volatile. This will impact the mortgage rates in 2022, and homebuyers might face a significant spike in expenses. […]
Homebuyers Make These Common Mistakes During the Mortgage Process
Purchasing a home is an exciting decision – one of the largest of your life most will agree. It can bring a new community for your children to grow up in, even a change of careers; the opportunities are endless. But before you get wrapped up in anticipation of this milestone, you need to ensure […]
The Advantages of Working With a Mortgage Broker
Mortgage brokers simplify the difficult task of securing a mortgage loan. They work as middlemen between borrowers and banks to help the former discover the best financing opportunities. In other words, they do all the heavy lifting. For example, a mortgage broker handles most of the loan procurement process, from in-depth market research to communicating […]
Answering Common Questions About Private Mortgages
Canadians who have difficulties qualifying for a bank mortgage have an option of turning to private lenders. Meanwhile, not all mortgage seekers are aware of how private mortgages differ from traditional mortgage loans and are not sure what to expect when speaking to the private lender or the mortgage broker. Indeed, given the new CMHC […]