For some property buyers, one of the worst things they experience when dealing with a broker is the long wait that often comes with closing the deal with the lender. The waiting can stretch for days and sometimes months depending on the property that you wish you buy. This turns off buyers because they find the process lengthy and time consuming. The good thing is that there are now quick close mortgages in Toronto, for faster transactions.
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Quick Close Mortgages Toronto
A quick close mortgage, as its name implies, helps speed up the process of lending you the money that you need to buy that property that you wanted. They have processes in place that make the usual buying process move along faster so you can own your dream home sooner.
But how do they do it?
- They only deal with private lending institutions – these are the only lenders that allow for fast processing of loans and mortgages. Banks and established lenders are not amenable to quick processing because they have their own credit checking and backroom processes for approving loans. Private institutions, on the other hand, are more lenient when it comes to lending. This is a risk that they take but it’s a risk that often pays off because they are able to make sales quickly.
- Private lending usually only has one or two persons approving the loan – unlike banks that require 10 different checks and signatories that they have to go through to approve your loan, the private institutions that the quick close brokers deal with usually only have one or two people who will process and approve your request. The less people looking at your application means less waiting time so you can own your dream home faster.
- Quick close mortgages deal with lenders who don’t sometimes do not require a property appraisal – banks would normally schedule their own personnel to check out the property to wish to buy and make their own appraisal. This can be time consuming as banks don’t always have enough man power to check all the properties in one day. The people the quick mortgage brokers deal with often do not require this or are willing to work off with what your already have. If you have already done your own appraisal using a legitimate appraisal company, they can overlook this process to give which makes the approval of your mortgage speed up.
- They deal with private lenders who are not particular with where you will use the money – institutional lenders and banks are always concerned about where you will use the money because they are well known and have a reputation to protect. Private institutions may be concerned about this but not as much as banks and similar lending bodies. They will not request that you submit a business plan or proposal for the business that you plan to put up in the property that you want to buy but for institutional lenders you may need to convince them that your venture will pay off before they lend you anything. This causes delay in approval of your loan.