Top 4 Benefits of Using Private Mortgage Lenders in Toronto

• July 29, 2017

The growth in the Toronto mortgage industry has led to the strengthening of private mortgage lenders who have come in to serve the needs of individuals who couldn’t get lending facilities from traditional lenders for a variety of reasons. But as it stands at the moment, private lending is not just a preserve for those who have been locked out by traditional lenders.

As a matter of fact, there are instances when opting for private mortgages would be more appealing even if you had everything to get the funding from the banks. Here are some of the top benefits that come with private lenders in Toronto:

Good Rates

Mortgage rates in Toronto are relatively low compared to the rates in most parts of the country, and with this, private lenders are sure to find very lucrative deals whenever they need to acquire property. If you don’t want to opt for traditional sources, brokers will point you towards very good lenders where you will enjoy very good rates.

Easy preapprovals

With a private mortgage lender in Toronto, you won’t have to face all the kinds of hassles you would have gone through with traditional banks. Even though documents on your personal finance will be crucial during the approval, they don’t have a lot of weight in the eyes of private lenders as compared to the collateral you have for the loan. When you have a property that speaks for itself, getting a mortgage becomes a very easy process, when working with private lenders.

Quality services

Irrespective of the private lender you are working with in Toronto, you will receive a more personalized service. You will be treated as an individual and as a client and not just a number and a set of criteria, as is generally the case with big banks.