Mortgage Tips

A private mortgage is a viable option to obtaining finances if you do not qualify for traditional mortgage loans. The lenders in this transaction are typically individuals who have money they are willing to lend to others without all of the strict criteria that are associated at banks. At CMI, we work with a number of private lenders that we can access finances from for you.

Considerations to Determine If You Are the Right Candidate for a Private Mortgage:

When you reach the time where a private mortgage is your best option, it can be a difficult task if tackling it alone. At CMI our mortgage brokers will help you every step of the way to ensure that you get the best rates and alleviate the stress. First, there are a number of considerations to take into account to ensure that a private mortgage is best for you.

• Fast Application Process. At CMI, we already have established contacts with private lenders who are willing to finance our customers’ private mortgages. The application process is faster than a conventional mortgage, as we are dealing with an individual private lender instead of a corporate bank. There is less paperwork and fewer decision makers involved, which makes the process of you obtaining finances much faster.
• Few Assets. To obtain a conventional mortgage, the banks usually look to people who have high credit scores, valuable assets than can be liquidated, and limited debt. However, there are many people that fall into the opposite category. If you are one of those people, CMI will work with you to find an appropriate mortgage lender. You may have few assets or unpaid credit cards, but a private lender often realizes these before agreeing to lend you finances. CMI mortgage brokers will ensure that you are paired up with the best private lender based on your situation.
• Second Mortgage. Whether you require a second mortgage for debt consolidation or to refinance your home, a private lender may be able to get you a better rate than the bank. CMI mortgage brokers can look into this option for you and will present it as a good option if they feel it is fit.
• Bridge Financing. When you sell a house and purchase another one, then you may need to get bridge financing to financially aid you until the first house sells. CMI can put you in touch with a private lender who is willing to float you finances during this time. Many traditional lenders are typically uncomfortable with this form of lending, which is why a private lender may be your best bet.

Discuss Private Lenders with our CMI Mortgage Brokers

A private lender can be the answer to your financial troubles whether you are purchasing your first home, in need of paying off debts, or refinancing your home. Our CMI mortgage brokers can arrange the financial interactions you require with a private lender.

Complete an online form or contact us to being the process of easy financing with a private mortgage.