If you want to borrow money, there are options. The mortgage rates in Canada vary, and they can depend on whether you go to the bank, or to a mortgage broker. What if you didn’t have to go to a mortgage broker at all? Mortgage rates can be insane if you don’t have a steller credit rating, but if you have the right collateral, you might be able to avoid the bank and mortgage broker nonsense altogether. Private lenders are out there, but how do you find them?
For reasonable 5 year fixed mortgage rates, a private lender can give you what you need to buy your home or make improvements on the one you already have. Maybe you’re looking into a vacation home/cottage, or considering something for your newly married son or daughter. Either way, if you don’t have the savings to make your, or someone else’s dreams come true, you might want to look into mortgage loans. You don’t necessarily need a bank or a mortgage agent to get some of the best mortgage rates in Canada.
Here is what you DO need though.
Many believe that banks are in the business of lending money, but that’s not the case. They’re in the business of converting assets.
Mortgage companies/banks do not lend money, rather what they do instead is convert assets. If you have a diamond/gold collection or a house, they look at what they could sell that asset for, and at what percentage, with the loan against it. If you do not have an asset for them to convert or hold onto you cannot get a loan.
There must be a way to show that you can pay back the loan, such as a job/source of income, or, based on a spreadsheet, showing that a business will earn a certain amount of money and guarantee that the loan can be repaid. A business loan is based on a projection of its probability while a personal loan is based on a job.
It certainly doesn’t hurt to have a good credit report showing you paid your phone bill on a regular basis, and you haven’t defrauded any banks, but it’s not the end of the world if yours is less than ideal, assuming all of the other qualifications are in place.
Also, If you’re looking to borrow less than $20,000 so you can go buy breakfast at a fancy restaurant, a quick cash lending store is what you need. These are serious lenders, in the business of making an investment for the long-term, and have no interest in a quick $50 because you didn’t go to work this week.
If you are looking to make a serious investment in your future and think you qualify, you’ve come to the right place. Click the link below to apply