Lic 10845, Independently Owned & Operated
Lic 10845, Independently Owned & Operated
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Private Mortgages
No Income or Credit Qualifications required
- Access up to 85% of the Equity in your Home
- Affordable & Flexible Financing Options
Private Mortgages
Private Mortgages in Milton
Private Mortgages in Milton have taken a spike in the recent times as competition has taken over the credit industry. Private mortgages have a scope to cut into other mortgages as they do not require 20% down payment on a compulsory basis, where it is mandatory for the financial lending institutions to receive at least 20% as down payment.
Private mortgages are mortgages given out by private lenders, basically who are not registered as financial institutions. Private mortgages account for almost about 8% to 10% of the mortgage industry of Canada. Apart from the down payment benefit, private lenders are preferred also because of their quick mortgage sanctioning process as there is not a long and formal procedure involved.
AKAL Mortgages Inc., Milton can help you avail Private Mortgages that are most suitable in the following cases:
- You need quick finance requirement for emergency purposes
- You need a loan for a shorter tenure
- You want to purchase a property that is not supported by financial institutions for mortgage
- You are not able to avail a loan due to bad credit score in the past
- Your source of income does not qualify for a mortgage loan from financial institutions
Portability
If you plan to live in the home for more than five years, you need not worry about portability that is, shifting the mortgage to a new property.
Low-Frills Mortgages
If you don’t plan on moving, refinancing or making huge prepayments in the upcoming five years, you can consider low-frills mortgages.
Extra-Savings
Most first-timer buyers opt for a 5-year fixed rate because they cannot afford an interest risk.
Hybrid Mortgages:
If you do go variable, look for one that maintains your payment the same regardless of interest rate variations. It’s easier for budgeting and gives you peace of mind if rates start climbing.
The application process
Private lenders offer online applications that don’t focus on scrutinizing your financial life but rather it focuses on getting you the amount you need.
The personalized service
The mortgage specialist that you work with often knows the inside details of your financial situation and the pros and cons that help them avail you the best options for you as a personalized service.
Freedom of choice
One positive point about a private mortgage is that you can select who you want to work with. When you go for a traditional mortgage lender you need to go with the person assigned by the bank for you.
When we say YES! We stand behind our
WHAT'S YOU EXPECT
We Offer To You
STEPS & PROCESS
Easy Approval Process
CHOOSE YOUR SERVICE
Why You Should Choose AKAL Mortgages Inc.
Borrowers
- When we say YES! We stand behind our promise
- Mortgage solutions based on your needs and qualifications
- Fast approvals and quick closings
- Save time and money
- Lower mortgage rates due to lender discounts and promotions
- Licensed, knowledgeable and experienced
- Protect your credit score
Brokers
- The Most Important: Dedication to our agents!
- Bootcamp-3-days: Learn Lead Generation, Products and Underwriting
- Training: Weekly training and industry updates, One on one support
- Mentoring: Specialize in Residential, Business and Commercial
- Lead Generation: Proven successful campaigns to generate leads
- Personal website; mobile Apps; online virtual meetings, e-signatures
- Lenders: VIP access to more lenders and top tier compensation
- Professional office (at no cost to you): Meet your clients at the office
FAQ
Frequently Asked Questions
Before you finalize about how you want your mortgage to be sanctioned, here is al list of things that make a private mortgage stand apart from the others.
- The application process: Private lenders offer online applications that don’t focus on scrutinizing your financial life but rather it focuses on getting you the amount you need.
- The personalized service: The mortgage specialist that you work with often knows the inside details of your financial situation and the pros and cons that help them avail you the best options for you as a personalized service.
- Freedom of choice: One positive point about a private mortgage is that you can select who you want to work with. When you go for a traditional mortgage lender you need to go with the person assigned by the bank for you. This can, in many ways, make you feel limiting and can also give you a view that you cannot have a say in the process. There are more options available when it comes to private mortgages.
Yes, there is almost always a fee for private mortgages. In this way the broker who is working on your deal gets paid for his work. The Fee you need to pay completely is dependent on your broker. In some cases, the broker can consider his payment as low as $500. In certain cases even as high as 5% of the amount you’re borrowing can also be taken. It is always advisable to ask this upfront when it comes to private mortgages.