Private Mortgage Options in Edmonton
Few places in the country have seen a steadier, stronger, more balanced market than Edmonton. However, the oil crisis has created a situation where a lot of home buyers, are now struggling to keep up with payments. This situation has also made it difficult to borrow more money to consolidate these debts. This untapped equity can be very useful to clients who are struggling with their finances, helping them to get out of their current situation. If you have been declined by your bank due to bad credit, a private mortgage in Edmonton is the answer.
Our private mortgage options in Edmonton are considered a high risk product. There is little qualification requirements but higher interest rates are charged. These loans are usually a loan of last resort due to the cost in both terms and fees. They are however, some of the most important loans we do here in Edmonton.
For clients who are struggling to keep up, a private mortgage can buy you the time you need. It is imperative however, that there is an exit strategy, it is not a viable long term solution. We have both first and second mortgage options on the private side.
What Our Private Financing Options Can do for You?
- Buying clients out of a foreclosure with their existing lender.
- Private construction loans where a draw mortgage is difficult to find.
- Second mortgages to tie a client over till they can refinance their first mortgage.
- Buy you the time you need to sell your home if you are going into foreclosure.
- Quick access to equity in your home, if timing is imperative.
If you are running into credit issues, we recommend our credit rehabilitation to get back on track as well. Keep your credit score high. this will help with future mortgages once you get out of your private financing.
At RateDeals.ca, before we do a private mortgage in Alberta or elsewhere we want to be sure that the client will be in a better situation after we arrange the loan for them, we don’t want to simply buy you time if there is no plan to change your situation. The best advice we can give you regarding private financing is to contact us before you get to a point where you need a private mortgage, your options will be much better.