Life’s circumstance can leave you with a poor credit rating. Divorce, illness or temporary loss of income can make paying debts difficult or even impossible.

The problem is that once you have a bad credit score, it can take a while to correct and it can influence your ability to access a mortgage for the purchase of a home.
Banks insist on a down payment of twenty percent of the mortgage, and many would-be investors find themselves in a position where they have saved the down payment but are still unable to get a loan due to a bad credit history.

Private Mortgage Lender’s Interest Rates

If you have been turned down by the prime mortgage lenders, rest assured that there are organisations that make it their business to offer mortgages to people with shaky credit records. There is of course a cost. Higher risk means higher costs to service your debt, so the bottom line is that you will pay more interest.
Interest is inversely correlated to risk, so you can reduce this expense by offering to make a larger down payment on the investment. To the investor this means that you have a bigger stake in the asset and therefore will work harder to ensure that the investment is paid off.
The major banks charge a rate 3.49% for mortgages, institutional lenders who service those with lower scores charge 5.49%, and private lenders who generally finance second mortgages charge between ten and fifteen percent.
Obtaining funding from private investors normally takes a lot less time than the time taken by the banks. Private lenders will often complete the process within a week or two, compared with the forty-five days that conventional banks take.

The Criteria for Granting the Private Mortgage

The criteria for granting the private mortgage is the value of your home rather than your personal credit rating or your ability to prove your average income. This is because the private mortgage lender secures the loan with your investment as collateral.
They will insist on a careful appraisal of the property that you wish to finance, and will require a rating of average to good before they will approve the mortgage. Private mortgage lenders will cap their loan at between seventy-five and eighty five percent of the value of the property, depending on the risk.

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Featured Rates

FIXED

LenderRateTerm
Mortgage Lendwise RateLendwise

3.40%

5-Year
Mortgage First National Bank RateFirst National Financial

3.59%

4-Year
Mortgage RMG RateRMG Mortgages

3.29%

3-Year
Mortgage Street Capital RateStreet Capital Bank

3.19%

2-Year
Mortgage TD Bank RateTD Bank

3.19%

1-Year

VARIABLE

TermRate
5-Year Variable

2.75%

3-Year Variable

3.35%

OTHER

TypeRate
Line of CreditStarting at

3.00%

Equity LoansStarting at

5.99%

Private MortgagesStarting at

5.99%

Plan for the Longer Term

Private Mortgages are short term loans, extending over periods of six month to three years, so this is a short-term solution which must be accompanied by a longer-term plan. During the term of the loan you should work at improving your credit score or increasing the equity of your home, so that you qualify for a conventional loan at the end of the term. The banks will only refinance the home to a maximum of 85% of the value of your property.
Credit providers often use the Gross Debt Service Ratio to determine how much of your income will be used to service the debt, and will normally approve a ratio of as much as 35%, but you should feel comfortable that this ratio will fit your budget.

Problem solved

If you have been struggling to get a conventional mortgage, applying for a private mortgage may be the answer to your dilemma.

OUR CUSTOMERS LOVE US

My wife and I recently purchased our first place, so we started to look for a mortgage broker. Neither of us really knew what we were doing, so it was important to us that we could find someone who could guide us through the whole process. After some searching we finally stumbled upon the guys at certified mortgage broker We worked with leon and his team, got a great rate and they took their time to explain and guide us through the whole process. Great rates and great service. Would absolutely recommend.
Linderman Beadles
Linderman Beadles
06:16 26 Feb 18
Got tired of sow service and mediocre rates from my bank, so I started looking for a mortgage broker. Had some family friends recommended Leon and his team, so decided to check them out. Was very impressed with Leon, he guided me through step by step, recommended a mortgage and I ended up switching to him. My rate is better and he always answers call and emails right away.
Gina Carroll
Gina Carroll
05:06 28 Feb 18
Was looking for a new mortgage broker, my old one moved so had to find someone else to work with. Didn't really know how to go about it so just started googling. After some searching and talking, decided to go with the guys at certified mortgage broker. No one could match their rates, plus their customer service is honestly some of the best i’ve seen.
Deane Laflamme
Deane Laflamme
04:40 27 Feb 18
My wife and I recently purchased our first place, so we started to look for a mortgage broker. Neither of us really knew what we were doing, so it was important to us that we could find someone who could guide us through the whole process. After some searching we finally stumbled upon the guys at certified mortgage broker We worked with leon and his team, got a great rate and they took their time to explain and guide us through the whole process. Great rates and great service. Would absolutely recommend.
Stephnie Boyles
Stephnie Boyles
13:59 15 Nov 17
Got tired of sow service and mediocre rates from my bank, so I started looking for a mortgage broker. Had some family friends recommended Leon and his team, so decided to check them out. Was very impressed with Leon, he guided me through step by step, recommended a mortgage and I ended up switching to him. My rate is better and he always answers call and emails right away.
Billye Peralta
Billye Peralta
13:38 19 Nov 17
Was looking for a new mortgage broker, my old one moved so had to find someone else to work with. Didn't really know how to go about it so just started googling. After some searching and talking, decided to go with the guys at certified mortgage broker. No one could match their rates, plus their customer service is honestly some of the best i’ve seen.
Moore Hoover
Moore Hoover
02:25 16 Nov 17
We worked with Leon and he provided a thorough and a professional process in re-financing our mortgage. Communication was consistent, he was easy to reach and documents were processed quickly. Most importantly, we got a great rate that has us savings hundreds of dollars per month on our home. These guys really know what they're doing.
Melissa Brown
Melissa Brown
00:12 18 Jul 17
As third time home buyers we couldn't be happier with the service we got from Certified mortgage broker. The team did a great job working on our loan. Everything was fast, easy and transparent. Probably the best mortgage experience i’ve ever had.
Riley Clements
Riley Clements
15:27 20 Jul 17

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