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Not Qualified for a Bank Mortgage? Get a Private Mortgage Instead!
Qualifying for a bank mortgage is like trying to trying to place the moon in a tiny cup for people who do not have near perfect financial records. And it is not just them. This also affects individuals who’ve only recently moved to Canada as well as people who are self employed. What’s there to do?
If you’re one of the above or have credit problems, there are still mortgage solutions for you. Sure, banks may not be best option more so with the new mortgage rules for this year; but a quick talk with mortgage specialists will let you know that you may just be an application away from alternative mortgages and private mortgages.
Financing with a Private Mortgage
Using a private mortgage for financing is especially helpful for the following people:
Private investors Self-employed people Non-Canadian residents Foreign investors Those with a bad credit Those planning to but small condos or micro condos that are under 600 square feet People who have a commercial or construction loan People whose property is under foreclosure Those who still owe taxes to the Canada Revenue Agency Business people who want to start a business with the use of equity takeouts Those who are not fully ... more

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