Private Mortgages
Simply put...
Private mortgages are an excellent alternative to conventional mortgages. If you are buying a unique house or property, have a non-traditional source of income, if you require fast-funding or have bad credit, a private mortgage is an option you will want to consider.
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The Benefits of a Private Mortgage from Burke Financial
Private Mortgage financing allows homeowners who might not fit the typical mortgage guidelines to obtain financing at competitive rates. In addition to flexible loan structure, private mortgages offer a variety of benefits for homeowners. Below are some of the main benefits of getting a Private Mortgage with Burke Financial.
Fast Access to Equity
Since the approval process is much simpler when it comes to a Private Mortgage, you are able to get access to the equity in your home much faster. Most of the time a Private Mortgage is approved based on the equity in the property, allowing the approval and funding process to go much smoother. Getting you the cash you need, quicker.
Flexible Payment Structure
No matter what your monthly household income is, a Private Mortgage can be structured to ensure your monthly obligations are not too much to handle. Even client’s who have little or no income can have their payments structured to match what they can afford. In many cases, we can even prepay the entire mortgage upfront, giving you no monthly payments during the term!
Reduce Monthly Payments
By using a Private Mortgage to consolidate higher interest debts you can reduce your monthly payments. In many situations, we have helped our clients reduce their monthly payments by up to 75%! Helping our clients not only be able to better afford their obligations, but also be able to put money aside for what matters most!
Rebuild Credit Score
Even though many clients’ needs to get a Private Mortgage due to credit history, they can be used to help improve your credit score at the same time. Using a Private Mortgage to help polish up your credit score by paying out higher interest debts can help you transition to an institutional lender down the road.
Consolidate Debts
A Private Mortgage allows you to consolidate your debt into a single monthly payment. Even though the rates might be higher than a traditional mortgage, they will still be less than half of higher interest debts most clients carry such as credit cards or pay-day loans. Allowing you to save a substantial amount of money each month.
Flexible Repayment Terms
Having flexible repayment terms is great because it allows you to have the terms structured so that they are the most favourable for you. For example, it might be best to have a term that is fully open to repayment at any time without penalty. Or you might need a term that matures at the same time as your existing mortgage, allowing you to refinance everything into one.
Private Mortgage
Private mortgages are short-term, typically interest-only loans, ranging in length from 1 to 3 years. Interest-only loans do not require homeowners to pay the mortgage principal down, and instead only require interest payments each month.
Access to Direct Private Lenders for All Of Your Financing Needs!
Our team has direct access to private lenders who realize that conservative lending guidelines used by banks and conventional lenders exclude many individuals who are, in fact, able to pay back loans. Most importantly, private lenders take into account a property’s overall value and marketability as opposed to simply the borrower’s credit history.
Why Choose Burke Financial
While many financial institutions may offer 2nd mortgages in Ontario, finding a lender that fits your personality and your financial needs is easier said than done. That is unless you have a mortgage brokerage specializing in precisely that.
Burke Financial is an experienced mortgage broker that will help you get the best interest rate for your situation. We access our vast network of private lenders, MICs, banks, and investors to find the right match. We invest our time and resources with as much care as you’ve put into owning and maintaining your home.
At Burke Financial, we understand that taking out a second mortgage in the GTA and other cities across the province is a big deal, and we don’t take it lightly. We have ample industry experience helping people from all over Ontario get the best mortgage rates and will do everything to make sure you get the best possible deal.
Our team will help you weigh your options and identify the right type of mortgage product for you. A 2nd mortgage might be the right solution for you!
We’re always happy to answer questions to help our clients better understand the process. Apply now to get in touch with one of our mortgage broker specialists.
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Happy and Satisfied Customers
Frequently Asked Questions
Mortgage brokers are licensed financial professionals that have the resources to find the lowest rates and the appropriate payment plans for their clients. Working with a broker will save you time and ensure you get the best possible deal.
A mortgage broker acts as the middleman between you and the extensive paperwork involved on your behalf for a set fee. They are often able to foresee problems that could arise during the application process and tailor your application based on what each lender needs.
The role of a mortgage broker is to act as a connection between the borrower and the lender to secure a loan on behalf of the individual or their business. Their responsibilities include negotiating rates, dealing with the paperwork, and facilitating an agreed-upon loan and payment plan
One of the most significant benefits of working with a broker is their extensive network, as they have the tools and resources to identify and obtain the loan that will fit your needs.
A mortgage broker compiles a homeowner’s financial documents, accesses their credit history, and confirms current and past employment to present an application to multiple lenders. They help negotiate the terms and conditions of your payment plan and, once the loan is agreed, will work with the lender to ensure a smooth and efficient transaction.
Mortgage broker fees in Ontario vary based on your unique situation and the solution you are seeking. Contact us today for a more personalized estimate of what you can expect your fees to be.
Owning a home is an investment that deserves detailed attention and care. When unexpected expenses occur, or you need to consolidate your debts, it’s essential to find the right broker to step in and offer a solution tailored to your financial needs. We operate with a vast network of lenders, including subprime mortgage lenders across the province, and we’ll work diligently to find the right match for our clients.
At Burke Financial, our mission is to give homeowners across Ontario the best possible borrowing experience through a high level of service and expertise.
When you work with us, you’re working with an award-winning team that specializes in getting even the toughest of applications approved. We’re putting money in your pocket faster, so you can invest in your future.
Burke Financial offers mortgage broker services, with a specialty in subprime mortgages, across the province of Ontario.
At Burke Financial, we know that each homeowner’s experience is unique. We offer a personalized approach and help connect our clients with subprime lending options across Ontario. From day one, we treat each interaction with our clients as a chance to change their borrowing experience to a positive one.
We take the time to understand what our clients are looking to accomplish with their applications. We personalize short-term and long-term solutions to help our clients achieve long-term financial health.
We look at our client’s main priorities to make sure we shape the optimal payment amounts, term length, prepayment privileges, interest rates, and much more. We know how important it is to align our clients with reasonable rates and terms and educate them on areas like an exit strategy to make sure they are always on the right path.
As an industry-leading Mortgage Brokerage, we leverage our vast network of banks, institutions, MICs, private lenders, and investors to connect our clients with some of the best lending options.
Even if your credit score is below 650, our vast lending network allows us to deliver approvals for even the most complex applications. We believe every homeowner deserves to make the most of their home’s equity. We negotiate on your behalf and shop your application to multiple lenders to get you the most competitive rates and terms.
With our quick turnaround times, we can put money in your pocket in as little as 48 hours. Our goal is to deliver the best possible results for our clients and deliver them fast!
Communities We Serve
We provide service throughout all of Ontario with a focus on the following cities:
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