Every conventional mortgage that includes a minimum 20% down payment requires an appraisal because the mortgage is uninsured. The lender wants to see that your purchase price is in line with the property’s fair market value. Lenders want to see that you are purchasing a quality property and that they will be able to recuperate the full amount if you default on the loan.
Private lending or a private home mortgage means getting the financing you need from a private mortgage lender, as opposed to applying to a bank or other financial institution for a loan.
Why would you need the services of
a private mortgage lender?
The existence of private lenders may offer people who have been turned down by the bank a second chance.
Applying for a mortgage shouldn’t be hard or confusing,
I’m self-employed and cannot prove my income. Can I still get a mortgage?
Yes! Some lenders use your stated income only to qualify, on approved credit. You still get favourable Canadian mortgage lending rates and, depending on the lender, could get up to 90% financing. Simply complete your Kelowna mortgage application today!
What is a credit report?
A report detailing an individual’s credit history that is prepared by a credit bureau and used by a lender to determine a loan applicant’s creditworthiness.
You guys, rock!
Thank you.
Carrie Mayhew
Garnet Dickinson
Karyn Mackenzie
Blog + Video
Here’s some more on Private Lending!
Yeaaaaah mortgage!
Whether you’re self employed, or buying a home for a new family, we have the perfect mortgage option for you.