Private lending home equity loans make for versatile borrowing options for people from all walks of life. These types of loans can be used for anything, and the biggest criteria is the equity in your home. What your credit is like, what kind of family income you have, and other details of your situation are secondary to the equity that you have in your home. These factors still play a role in getting your private lending mortgage approved, but the private lender policies are much more flexible than the banks.
Private lending home equity loans can give you the flexibility that you need to get what you want now. If you have had a hiccup on your credit, and want to pay off debt and get your budget back on track, that would be an example of when a private lender could help. There are many different ways to structure these loans, and the lending criteria is very subjective (ie. Case by case)
The big 5 banks in Canada often decline mortgage applications for many different reasons, including but not limited to the following reasons:
Private lender dig more into the story of you, and they get an understanding of your situation, and then they will decide if they are comfortable lending to you. An experienced Mortgage Broker will have expertise on what kind of things that the private lenders are looking for.
If you have bad credit because of a lapse in work but are back at it again, your mortgage broker can help you find lenders offering private lending home equity loans that will help to get you out of your pickle.
In order to qualify for a home equity loan, you are going to need to:
If you think you might need a private lender, or a private lending home equity loan of any type, consider giving us a call. It is difficult for the consumer to seek out and find private lenders, whereas we have access to a whole bunch of them. It is our job to find you the best lender possible for your situation. We are client focused, call today.