Mississauga Private Mortgage Solutions
“How to Locate and Secure Mississauga Private Mortgage Solutions For Your Residential or Commercial Property”
One of the benefits of today’s mortgage market place is that there has been an increase in the amount of private money that is available to borrowers, especially in the Mississauga and Greater Toronto Area.
The hard part with private mortgages is locating private mortgage lenders in the first place and then trying to determine if they are the best fit for your deal.
Most private mortgage funds are placed through mortgage brokers as they have better direct access to the market needs than an individual private lender or private lending corporation.
But mortgage brokers can’t always provide you with the best available options for private money as they will likely only be working with a small number of privates. Some won’t work with any directly, but will try to access private lenders through other brokers.
The reason why its important to be able to shop the market for private mortgage loans, especially in strong real estate markets like Mississauga, is that private lenders have gotten more competitive on the better deals with interest rates rivaling bank or institutional rates in some cases. If you take the first deal that comes along, you may be paying more than you need to.
A second point to keep in mind is that even though there is a lot of private mortgage money around these days, it can come with very different focus areas. Some private lenders may primarily only do commercial mortgage deals, and even more specific, commercial construction. If a private lender gets a deal outside of their primary focus, the rate is likely going to be higher due to greater unknown risk. This could result in you paying a significantly higher rate than what’s available in the market for your deal.
The third point I would make is about time. If you’re pressed for time which can be the case with many private mortgage deals, then you want to immediately be focusing in on highly relevant lenders that are going to be the best fit for your deal. If you’re not working with a mortgage broker that is well positioned for your needs, a lot of time can get wasted and higher costs incurred in the long run.
If you have a private mortgage financing need, give me a call so I can quickly assess your requirements and immediately get you in touch with relevant Mississauga private mortgage lenders.
About the Author Joe Walsh
I'm a Toronto Mortgage Broker that arranges mortgage solutions on residential and commercial real estate property. With over 30 years of mortgage financing experience, I'm able to quickly assess your financing requirements and provide relevant solutions for your immediate consideration. Joe Walsh Google+ YouTube Channel