Why Private Lenders Are a Better Choice Than Traditional Banks?

In today's era, private lenders are highly popular as compared to other lenders. Private lenders such as mortgage broker Burlington Ontario offer you a wide range of benefits from their services in various fields like securing a mortgage or consolidation of debt and many more.

Let's thoroughly discuss some major differences between a private lender and a traditional one.

Leading Criteria:

Private lenders such as mortgage brokers Burlington have more flexible rules as compared to traditional bank lenders. Banks have very stringent rules for authorizing mortgages.

Mortgagors need a good credit score, a continuous job role and a low income ratio, whereas private lenders focus more on the potential profit and the value of the property. This makes it an excellent choice for people to opt for private lenders.

Fees and Interest Rates:

Banks have lower interest rates and fees than private creditors. However, banks have more complex rules to qualify that people are always afraid of. Unlike traditional lenders, private lenders give short-term financing with higher rates of interest, commonly referred to as private loans.

Hence, always choose private lenders for mortgages as they give you flexibility in their services and work.

Approval Time and Processing of Loan:

Loan processing and the time required for the approval of the process are one of the most significant advantages of private lenders. They have a minimal number of rules and regulations for the process that can help them close the deal in 2 weeks or less.

Banks, on the other hand, require over a month to approve a mortgage.

Security:

Security is the primary concern in mortgages. Both private lenders and banks offer comprehensive security while providing loans to customers. They offer secured loans, meaning the property gets back the loan from their customers.

If the borrower stops making payments, the lender can take and sell the property to get their money back. Hence, Private lenders offer flexibility and fast approvals, while banks have lower rates with stricter rules.

About Brayden Hooper Mortgages:

Brayden Hooper Mortgages is the best private mortgage agent Oakville that helps private lenders in Oakville, Burlington and Cambridge. Their services always ensure that you get the right financing services you need. Brayden Hooper Mortgages provides the best and most seamless experience to their customers.

To know more about it, visit https://braydenhoopermortgages.com/