Rumy Gill – Mortgage Broker
Private Mortgage Brampton can Help you with all Financing Situations
- Fast Approval
- Great Mortgage Rates
- Maximum Savings
- Low Affordable Monthly Payments
Rumy Gill - Mortgage Broker
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Private Mortgage: Use the Power of Equity to Get Approved
A Private Mortgage can add many benefits for Home Owners, who can not qualify with the Banks for a Mortgage.
Whether you are looking to Buy a Home, a Mortgage Refinance, Access Home Equity, Stop a Power of Sale, Consolidate Debt, or Need Emergency Money fast, a Private Mortgage can Help give you a short term relieve.
Let a 5 Star Mortgage Broker, Rumy Gill, help navigate you through the process of getting your Private Mortgage Approved.
Clients Trust Rumy Gill to Help find them the Best Mortgage when it comes to their Mortgage Refinance, and you should too!
Why a Private Mortgage makes Sense?
- Debt Consolidation Super Tool: You can consolidate all your High-interest Debts into one simple and Low Monthly payment and start rebuilding your credit and saving money every month.
- Money when you need it Fast: If you are in an emergency situation and need you Need Money fast, a Private Mortgage can help you borrow money from your Home, and place Cash within Days.
- If you are having difficulty qualifying for a Mortgage Approval from the Bank or a Mortgage Lender and are on a short timeline for your Mortgage closing, then getting a Private Mortgage Brampton is the best option for you.
Unlike the Banks, Brampton Mortgage Broker – Rumy Gill works with Private Mortgage Lenders who are more flexible and will make a Mortgage Approval decision based on the Subject Property, the Amount of Equity in the Property and Marketability of the Property. Thus making it very easy to get Approved for you a Private Mortgage.
Looking for a Private Mortgage?
Speak to mortgage broker about the most affordable option given your credit score income and property
Usually, a private mortgage is an interest only loan. Keep in mind however, that private lenders take bigger risks and must therefore usually charge higher interest rates to compensate for those risks. Since you will not want to have to pay those higher rates for too long a time period, it is best to consider a private mortgage as a short-term solution and have a plan to build up you credit over the next few years so that you can transition to a mortgage from a conventional lender.
A Private Mortgage can help solve your Credit and Income Problems:
- Bankruptcy: Banks will not be willing to offer you a Mortgage until you have re-established your credit for up to 5 years after you have been discharged. If any Bank was involved in the Bankruptcy, then that Bank will most likely not be willing to give you a Mortgage. A Private Mortgage is your Answer!
- Consumer Proposal: Banks will not be willing to offer you a Mortgage until you have re-established your credit for more than 2 or 3 years after you have been discharged from your Consumer Proposal. If any Bank was involved in the Consumer Proposal, then that Bank will most likely not be willing to give you a Mortgage. A Private Mortgage is your Answer!
- Late Payment, Missed Payments, Collections: Depending on the history of Late payments, Missed Payments, Collections a Bank will not be willing to offer you a Mortgage until you can show a minimum 1 year history of on time payments. If a Mortgage Payment was missed or late, the chances of getting your Mortgage Approved from a Bank are not good. A Private Mortgage is your Answer!
- Divorce: A Divorce can lead to a really big and ugly mess financially or , your credit score will suffer the most. If Payments are Missed, or Spousal Buyout is required, you can find yourself in a tight situation and Banks will not be willing to extend a helping hand. A Private Mortgage is your Answer!
- Loss of Income, Laid Off, Not enough Income: Banks want to see that your income qualifies under their guidelines and you have the means of affordability moving forward. With New Guidelines and Regulations it can be very difficult to qualify to a Mortgage with the Bank on the previous income you had presented. With a Loss in Income, being Laid off or not making enough Income will harm your chances of getting your Mortgage Approved with the Bank. A Private Mortgage is your Answer!
- Non Traditional Income: If you are Self Employed, or Make Cash Income, or can not prove your Income on Paper, then the Banks will not be willing to offer you a Mortgage. It does not matter that you make more than enough to afford your Mortgage Payments if you don't declare your income in the proper manner the Banks will not accept your income and will not be willing to Approve your Mortgage. A Private Mortgage is your Answer!
Private Mortgage Payments Can Save you Money and Free Up Cash Flow!
Consolidate Debt!
Pay off High-Interest Debt!
Increase your Credit Score Rating!
Why you should choose Private Mortgage in Brampton?
Private lenders can provide a good solution for those unable to obtain a loan through a bank or another traditional lender. Usually, private mortgages do not require as much documentation and the approval process is more flexible. In order to qualify, you usually only require either a large enough down payment or sufficient equity in your home
All you Have to do is Apply!
We Work with All Income and Credit Situations! Approvals on Home Equity are Available.
Here are the Benefits of Working with Rumy Gill a Brampton Mortgage Broker for your Private Mortgage;
- All Credit Scores Accepted
- Debt Consolidations
- Pay off Property Taxes
- Pay off Personal Taxes/ CRA
- Pay off Judgements and Leins
- Get Money for Any other Reason
- Mortgage Prepayments are Available
- Pay off Collections
- Pay off Consumer Proposals
Frequently Asked Questions
A Private Mortgage is a type of mortgage loan whereby funds can be sourced from another person or business rather than borrowing from a bank or other finance provider. Private means that the mortgage is not from a licensed mortgage broker or issuer. A private mortgage is a mortgage that’s not issued by a bank.
A good idea for all types of Private Mortgage Lenders is to secure the lender's interest when backing a private loan. If the property does not have a properly filed lien against it by the lender, then other creditors can then pursue the home or pressure the borrower to borrow against the loan's value to pay them back.
Private money lenders can come in many forms. Hard money loans are good for both short-term fix-and-flip investors as well as long-term. Private lenders also charge lender fees, known as “points,” between 1% – 10%.
Private Money Lenders must comply with Provincial and Federal laws. If they are not following the rules they can be charged with large fines and even face jail time in extreme cases. But Private Lending is legal, it is always best to check with a Real Estate Lawyer about legal issues regarding Private Money Lenders.