Private Mortgage
Mortgage Brokers in Sherwood Park, Alberta
Let’s start by defining what a Private Mortgage is!
A Private Mortgage is a non-traditional / Alternative, non-bank mortgage that is typically funded by private individuals or by investment corporations.
Is there a difference between a Private / Alternative Mortgage and a Bank Mortgage? Yes, there is a difference!
Institutional Bank lenders are regulated and must adhere to federal regulations that oversee the mortgage industry. Specifically, it is the Office of the Superintendent of Financial Institutions (OSFI) that governs Banks, & Mortgage Lenders in Canada, which typically results in more stringent / strict guidelines & lending requirements for borrowers.Private lenders, however, are not regulated by OSFI; therefore, Private Mortgage Lenders can set their own lending requirements, mandates & loan criteria. As a result, Private Lenders are often more lenient when reviewing mortgage applications.
Oftentimes, Private Mortgage Lending Options are considered short-term lending solutions to help a borrower out of a difficult financial situation and provides the borrower with funds to acquire their asset, & allows them adequate time to get their ducks in a row (ie: restructure their debt, pay off taxes, re-establish credit, settle an estate, etc…) before refinancing back to a more traditional mortgage option in the future. Private Mortgage Financing can often help with Home Purchases; Business Equipment Purchases; Refinances or Equity-Take-Outs to pay off debts; Settlement of Consumer Proposals; Settlement of CRA Tax Arrears / CRA Garnishments; & the list goes on! For more details on whether or not a Private Mortgage would be the right fit for you, please read our blog: When is a Private Mortgage Right for Me?
Magnum Mortgage Corp. is a private brokerage specializing in harder-to-place mortgages; we offer in-house mortgage financing as well asa range of products from other lenders allowing us to get a wider range of mortgage options.
Our Licensed Mortgage Advisors are trained to provide excellent customer service and meet your needs whatever they may be!
Get in touch with us today!
To learn more about the services we offer, please click here. If you have a unique scenario that you’d like to run by us, please contact us by clicking here or calling us at (780) 467-6393.
“Our Interest is Your Wealth” TM *
Magnum is a private brokerage specializing in harder-to-place mortgages. What this means is we offer in-house mortgage financing as well as a range of products from other lenders allowing us to get a wider range of mortgage options. Our Mortgage Advisors are trained to provide excellent customer service and meet your needs whatever they may be.
