Scarborough, ON -- (SBWIRE) -- 03/23/2017 -- Mortgage Broker Store connects people to a new private lender network in Scarborough. These are individuals or companies who operate independently of banks to give loans to people with low income or other issues that led to rejection by banks. They do no follow the same tedious mortgage approval process as banks as they are invested in real estate. A private lender in Scarborough will offer loans to people with bad credit as long as there is enough equity in the property. Private lenders service different types of loans in Scarborough including second mortgages, bad credit mortgages, home equity loans, debt consolidation loans, and construction draw mortgages among others. Unlike banks, they can write the client's special needs into the agreement to ensure that they get the most appropriate loan.
Private Lenders for Bad Credit Mortgages in Scarborough
Banks will not loan to people with credit scores below 600 points as they consider this to be a bad credit score. Those that are turned away can find financing by approaching private lenders for bad credit mortgages in Scarborough. These companies or individuals only care about the equity in a property and not credit score; the main factor for banks when considering mortgage applications. Private lenders issue bad credit mortgages but only to properties with sufficient equity. They are invested in real estate and know that even if a client is unable to pay the fees, private lenders can sell the home to recoup.
Mortgage Types and Services offered by Private Lenders
Private mortgage lenders have a variety of services and mortgages to offer different clients. Debt consolidation, second mortgages, home equity loans, and education loans are some of the financial packages you can get from a private lender. The services of private lenders in Scarborough can be tweaked to meet a client's special circumstances.
Second Mortgages from Private Lenders
If there is still some equity left in a property after the initial mortgage, a borrower can take out a second. The second mortgage from a private lender is only given to properties with 85% LTV or less. Some private lenders may loan to 90% LTV but in rare circumstances. To calculate loan to value ratio, the debts on a home are divided with its current market price.
Private Funding to Stop a Power of Sale or Foreclosure
When people are faced with a power of sale situation or foreclosure, they cannot depend on banks to process a loan fast enough. It is impossible to reverse a power of sale once it is activated so borrowers can only turn to private lenders for assistance. Private mortgage lenders in Scarborough are not tied back to a long process; so it is possible to process a loan in only 24 hours if need be. Working with private lenders to stop a power of sale is the best way to avoid losing valuable property just because you could not afford to repay. The Mortgage Broker Store has several private lenders in their network to help them process deals faster and avoid losing pieces of real estate through foreclosures or power of sale.