If you are looking for an alternative to a traditional bank or credit union, you might want to consider a private mortgage lender. These lenders are secure loan providers and are legally allowed to lend mortgages in Canada.
These lenders often work with borrowers who have bad credit, no proof of income, or who are unable to qualify for a conventional mortgage. They are also a good option for debt consolidation and short-term financing.
1. Freedom Capital
Getting a mortgage in Canada can be difficult for some, whether you’re looking to purchase your first home, refinance an existing one, or get cash out to fund a new business venture. Banks and other institutions require a lot of documentation, strict requirements and income stability to approve loans. If you’re self-employed, it can be even harder to get approved for a mortgage.
If you’re facing these problems, a private mortgage lender is your best bet to ensure that you’ll receive the financing you need. These lenders will look at your equity, down payment and history of debt to determine your eligibility.
At Freedom Capital, we’re a mortgage brokerage that works with a network of private mortgage lenders to secure funding for individuals and real estate investors in Canada. We have the experience and expertise to help borrowers overcome income, credit or monetary challenges so they can receive their financing.
Whether you need funds to buy or refinance property, build new homes, or consolidate debt, we have the solution for you! Our mortgage brokers will help you find the right private lender for your needs, and get you the money you need fast.
The financial rules for obtaining loans from banks are tougher than ever, with credit history and net income being two of several areas of intense scrutiny. That’s why we offer alternative lending options with unique mortgage solutions and swift approvals to clients across Canada. Whether you’re a homeowner, an investor or a construction professional, our team of experts can create a custom solution that fits your situation. Contact us today to learn more about our options and see how we can help you!
2. Alltrust Mortgage Solutions
Alltrust Mortgage Solutions is no doubt a major player in the BC real estate game. Aside from a plethora of loan options, this family owned and operated Vancouver Mortgage Brokers has one of the best customer service departments in the industry. Their loan specialists are here to help you with your mortgage needs, from start to finish, as well as your real estate questions and concerns. The team is also armed with a litany of recommendations for your next home or condo purchase or renovation.
3. Auxilium Mortgage
Auxilium Mortgage Corporation is a well-respected Victoria mortgage broker that specializes in helping home owners and buyers find the right loan for their needs. They work with clients from all over Canada and offer a wide range of financial services including residential and commercial mortgages, equity financing, debt consolidation and credit management.
Their website has a variety of helpful tools and information that will help you get started with your mortgage. Their customer service team is available to answer your questions and can also provide you with a list of lenders in your area that will match your specific mortgage needs.
They offer a number of private loans, including fixed-rate, variable-rate, and revolving mortgages. They also have a variety of options for financing your home renovations.
The company focuses on providing homebuyers with the best possible rates and options. They have access to dozens of lending institutions and can find you the right solution to meet your unique mortgage needs.
While a second mortgage is not for everyone, it can be a useful tool to keep your existing home in the market for purchase or to assist with the purchase of an investment property. However, you should talk to a mortgage specialist to make sure that this is the right option for your situation.
Auxilium Mortgage Corporation offers a number of different ways to fund your dream home, including a variety of private mortgage options and mortgage insurance. They also have a team of experts who can guide you through the whole process from start to finish.
Auxilium Mortgage Corporation is one of the best private mortgage lenders BC and can be a valuable resource when it comes to finding a new mortgage, whether you’re looking for a fixed or adjustable rate. Their staff are knowledgeable, friendly and will help you through every step of the process.
4. Rocket Mortgage
Rocket Mortgage is a national lender that offers a wide range of mortgage options, including conventional loans, government-backed FHA and VA loans and adjustable rate loans. It also has a wide selection of home equity and cash-out refinance options.
Its digital application process is streamlined, making it easy to apply for a loan online. Its loan approvals are based on a credit score, income and debt-to-income ratio. Applicants must meet the minimum requirements to qualify, but borrowers with higher-than-average debt-to-income ratios can get mortgages with higher rates and lower down payments.
The company rebranded from Edison Financial to Rocket Mortgage Canada in 2022 and continues to offer a mortgage experience rooted in digital technology. Its Lendesk Spotlight platform, which provides lender submissions and settlement services, is used by mortgage lenders and real estate professionals nationwide.
Among its most popular features is RateShield(tm) Approval, which combines mortgage pre-approval with a rate lock. This allows borrowers to lock in a fixed rate for up to 90 days before closing on a purchase or refinance mortgage.
For homeowners who don’t have enough money to put down a traditional 20% down payment, the company offers PMI Advantage, which lets borrowers pay their private mortgage insurance as a premium on their loan rather than a monthly bill. This option is available on a variety of mortgage types, but it’s most common on 30-year conventional, FHA or VA fixed-rate mortgages.
Customers of Rocket Mortgage overwhelmingly praise its responsive customer service. In fact, it’s ranked No. 1 in two J.D. Power customer satisfaction surveys — mortgage origination and mortgage servicing — for 11 straight years.
Its loan offerings are geared toward first-time buyers, and it offers many tools to help them get the best possible loan. The company’s online mortgage calculator and other tools make it easy to estimate your monthly loan payments.
While it’s not as robust as some other lenders, Rocket Mortgage is a solid option for those who want to buy a home or refinance their current mortgage with ease. Its competitive rates and award-winning customer service are also a draw.
Among many other things, David A. Grantham is a contributing author to UmassExtension West Vancouver Blo. He is a renowned expert on real estate in BC.
Born in North Vancouver, Louisiana, Dr. Grantham grew up in Lower Lonsdale. He then went on to complete his business degree at the University British Columbia. As of this writing, Grantham has completed over 100 projects, including the development of a high rise building in Vancouver.
He is a husband, father, son, brother, and friend. He was a dedicated outdoorsman and enjoyed sports such as hunting, fishing, scuba diving, and snow skiing. His wife, Alison Grantham, and their two daughters survived him. He is survived by his wife Alison Martin Grantham and two daughters.