Private Mortgage Solution for Borrowers with High-Interest Loans
What You Need To Know
A high-interest loan is a loan that has an interest rate that is higher than that of a regular mortgage loan. These loans are generally offered in order to provide financing for people without securing their real estate property as collateral. The range of lenders who offer unsecured high-interest loans varies from payday loans to banks. It is important for potential borrowers to understand all of the details about borrowing costs and repayment terms before applying for any of these loans.
Alternatively, borrowers can consider a mortgage solution from private lenders who have more flexible lending guidelines focusing on the value of the property and less on the creditworthiness of the borrower. Because mortgages from private lenders are secured by a real estate property, their interest rate is generally lower than the interest rates for unsecured high-interest loans.
At Canadian Private Mortgage, our clients know that we won’t steer them into any products or financial terms that don’t fit their personal goals.
Our private mortgage solution for borrowers who are tied up with unsecured high-interest loans is ideal for property owners who are willing to improve their borrowing habits and return their financial situation back to normal. Any proposed lending solutions will include an exit strategy that enables clients to get back to normal as soon as possible.
Lending Solution For Borrowers with High-Interest Loans
Affordable Loan Payments
With mortgages from private lenders, the mortgage payments are amortized and made into equal monthly payments of Principal & Interest. This allows borrowers to make sure the monthly mortgage payments are affordable each month and they are on track to be debt-free by the end of the amortization period.
Private lenders are an ideal option since they are not tied to the same lending guidelines as traditional lenders which is limiting. Unlike bank loans, private lenders focus more on the value of the property and the borrower’s exit strategy to determine the terms of the loan. This means that they will not make any preconditions on the borrower’s credit score or debt to income ratio.
A big advantage of hard money lending is that you can beat traditional lenders’ interest rates and timeframes. While traditional banks are known for their long loan terms, hard money loans can close in just days or weeks. This is important in time-sensitive situations, such as paying off high-interest loans. Getting a mortgage loan approved faster helps you resolve your personal situation faster and avoid delays.
Origination fee can also be referred to as “commitment fee”, or any other name. It usually refers to the underwriting or processing fee. This fee can cover a variety of expenses, from processing the loan to underwriting the loan. The amount of this fee depends on the lender and the type of mortgage loan. It is always stipulated in writing so there is no bad surprise to the borrowers on the closing day. If you are not sure how much you are paying for your origination fee, it is a sign that you are not working with an ethical private lender. Be aware and find other private lenders who are transparent with their origination fees.
At Canadian Private Mortgage, we disclose our commitment fee clearly in writing from the beginning of the process.
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Matrix Mortgage Global
5X Award Winning Mortgage Brokerage
2018 - 2022 Brokerage Of The Year
Canada's Mortgage Company
Recognized by Canadian Mortgage Awards
Recognized by Governing Bodies
RECA, FSRA, BCFSA
Proven Track Record of Growth & Excellence
Since est. 2008
Access our curated list of private equity lenders specializing in alternative residential and commercial mortgages.
What Our Clients Say
Andrea Chase, Hamilton, ON
I had 2 yrs left on my consumer proposal, with the 2nd mortgage offer by Matrix Mortgage Global I was able to pay off the proposal and re-establish my credit
Steve Darcy - Surrey, BC
I own a historic mixed use commercial/residential building that I wanted to modernize. Matrix Mortgage Global provided me with a term loan to complete the renovations
Blake Taylor - Banff, AB
I own a family bed and breakfast just outside Banff and ran into some tax arrears. Our bank turned us down for a commercial loan. Matrix Mortgage Global provided us with a 2nd mortgage which we used to pay off the tax arrears.
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Easy access to private equity from Canadian lenders vetted and licensed in four provinces.