Private Mortgage Rates for Pre-Sale Purchase

Private Mortgage Rates for Pre-Sale Purchase

Many home buyers have found it difficult to get the mortgage from the bank that bought the property 2-3 years back. Due to the Vancouver private mortgage policies’ changes and the increase in the rates, it is really hard to qualify for the mortgage after so long. One option to get the same rates after several years is to take help from private lenders.

One of the major reasons to hire a private lender is that the expert has extensive knowledge in this field, and they know about the current market value of the property and the purchasing value. Private mortgage lenders do not need to check the income verification, and they provide the loan quickly.

It is common for the buyers to put a 20% down payment on any new construction. As the market value increases compared to the last 2-3 years or more, there is about 35% equity in the overall property price. They don’t have to come up with more money for completing the transaction. The mortgage rates are around 5-7% and 2% added fee. It is somehow like the short term solution. No buyer wants to pay 7% or more for the last 25 years. Buyers can sell the home later, and they do not have to pay the penalty as the mortgage is still open. Another option of a private mortgage is to refinance with A or Blender after a year with market value.

You should take help from the expert who provides private mortgage in Vancouver and other areas to avail the best benefits in a short time.

Leave a Comment

Your email address will not be published. Required fields are marked *