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Bad Credit No Obstacle to Mortgages for Barrie Homeowners

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Do you have bad credit? Do you need a mortgage on your Barrie home? Today’s stringent banking regulations mean that homeowners with less-than-perfect credit often find it impossible to obtain a second mortgage from their financial institution. However, if you have sufficient equity in your house, private lenders are often willing to offer you financing.

Equity is the current market value of your house minus any remaining mortgage payments you may have to make. As the value of your property increases, and as you pay down your mortgage, your equity increases. Even if you have a bad credit score, as long as you have enough equity in your home, a private lender is usually willing to provide you with a mortgage. These short-term loans are usually quick and easy to obtain with the help of a licensed private mortgage broker.
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Does your Barrie home need repairs? Do you want to renovate your home in order to sell it for a better price? Do you have expenses such as credit card debt or tax bills? Or does your high school graduate need funding for university? No matter why you need cash, private lenders will often provide you with a loan based on the amount of equity you have in your house. These lenders, unlike the major banks, are less interested in the credit history of the borrower than they are in the value of the property. They will assess the value, condition, location and market for your home and respond quickly.
 

Finding a Lender

 
Finding a lender is usually done via a private mortgage broker. These licensed professionals help you put together an attractive package for potential investors and then match you with lenders whose needs match your own. Private lenders may be single individuals, but more often, they are institutions that receive their funding from both individuals and groups such as mortgage investment corporations. Some of these organizations aim to respond to applicants within 24 hours and provide funding within two to three weeks.
 

About Private Mortgages

 
Private mortgages are short-term loans, and they usually have higher interest rates than bank products – but not always. Some fees apply when obtaining a private mortgage. These can include a fee for the broker, lawyer’s fees for drawing up the contract and processing fees added onto each payment.
 
If you need funds and you have equity in your home, consulting with a private mortgage broker can help you discover the range of options available to you.

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