For many people a conventional mortgage is just not going to happen. The heavily regulated and bureaucratic banking system will not consider them for a conventional mortgage because they have a less than perfect credit record, they are self employed or earn commission and cannot prove a regular income stream, or they wish to buy unconventional property that the bank simply will not fund.

Approaching Family

Many who find themselves in this position will approach family members for a loan. This can be a win-win situation where the lender earns extra interest and the borrower pays less than he would to private lending organisations. However, those contemplating an arrangement such as this must consider the impact that borrowing can have on relationships, especially if the situation arises where the borrower is unable to fulfil his obligations.
Always take into consideration the personal circumstances of the lender in relation to risk. Would failure to repay the loan result in personally damaging consequences. Is the money earmarked for retirement or for a child’s education?
If the lender agrees to the loan she should ensure that the property is secured by a lien, failure to do this can result in the borrower taking a mortgage which would receive first payment in the case of foreclosure. Before concluding the agreement, a tax consultant can help you with advice so that you stay on the right side of the tax authorities.
There should be a written agreement that covers all aspects of the loan. This should include payment terms, loan period, initial value, and the penalties for failure to make on time payments. The loan should be covered by collateral and this should also be carefully documented.

Remember that circumstances change and that borrowing and lending within any relationship can stretch the friendship to breaking point. If you are not willing to put the relationship at risk, there are other options.

Private First Mortgage Lenders

The private lending industry aims to fund those who find it difficult to get a conventional loan. Private first mortgage lenders use the property you purchase as collateral on the loan. This is why they can be more flexible when it comes to your personal circumstances.
Private loans are short term in nature. They are typically one to three years in duration. Borrowers taking these short-term loans should use the loan period to Improve their credit rating or increase their home equity. This way they can approach the banks for a conventional mortgage at the end of the term. If you have decided to go this route you should budget for the additional costs below.

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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%

The Costs of Private Borrowing

  • The costs to appraise the secured property. You will be expected to pay the appraisal costs when the appraisal happens so you should not arrange an appraisal before you find a lender.
  • Legal fees for both you and the lender will be for your account.
  • Interest rates in the private lending environment tend to be considerably higher than those charged by the banks. The interest rate that you are charged will be determined on your own unique set of circumstances. The higher your down payment and the better your credit rating the lower the interest.

Consider Your Options

Everybody needs a break sometime and most of us strive to purchase our own homes rather than renting from others. If the banks are turning you down, examine your options. Private lending is a vibrant and growing industry, and those in the industry are approachable, striving to ensure that borrowers receive the customer service that they deserve.

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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