In today’s economy, getting a mortgage from a traditional big 5 bank can be a challenge. With slow approvals, strict lending criteria, and deep institutional conservatism on who to approve, it’s no wonder that many people are turning to private mortgage lenders to secure financing for their home purchase or refinance. In this blog post, we’ll explore why Tembo Financial is becoming an increasingly popular choice for people in Toronto, Vaughan, Richmond Hill, and across southern Ontario and the GTA looking for alternatives from the big 5 banks.
The Current Economic Context
Interest rates have gone up 8 times in less than a year, with the Bank of Canada expected to continue raising its key interest rate several times over the next year. While some believe that the BOC has maxed out its capacity to raise rates, keep in mind that inflationary pressures remain elevated and persistent. The economy is also running hot and January job numbers came in at 150,000 new jobs – a blockbuster number that is sure to be inflationary. This means that borrowing costs for traditional bank mortgages are likely to continue increasing, making it even harder for many people to secure the financing they need due to much higher qualification rates. For those who are already struggling to meet the strict lending criteria set by the banks, the prospect of higher interest rates can be especially daunting.
This is where private mortgage lenders come in – consider Tembo Financial for your 1st private mortgage instead of a lumbering big 5 bank. Tembo Financial is able to offer flexible and creative solutions that are a refreshing alternative to traditional bank financing, providing a lifeline for those who might otherwise be unable to secure a mortgage. Tembo is all about flexibility, fast approvals, and cash in the clients bank in as little as 48 hours, often with no credit check, and always providing exceptional, award-winning customer service.
Why Choose a Private 1st Mortgage with Tembo Financial?
If you’re considering a private mortgage, it’s important to choose a lender that is always there for you, that will work with you to accommodate your needs and provide you with flexibility and creative solutions. We won’t take weeks to approve you. In fact, clients get approved in hours, often with no credit checks!. Tembo Financial is a leading private mortgage lender in Ontario, with a reputation for providing fast approvals, flexible terms, and exceptional customer service. Here are just a few of the reasons why a private 1st mortgage with Tembo Financial could be the best bet for your home financing needs:
Competitive Rates: Tembo Financial is offering rates that are competitive 1st private mortgage rates. As we continue to grow and expand, we will continue to improve on our rate competitiveness and attractiveness. This is especially true for those who are unable to get approved for a 1st mortgage at a bank, as our lending criteria is simple and flexible, enabling you to secure financing if a big 5 bank says no, regardless of your credit rating.
Refinancing with a Bank: One of the key advantages of choosing a private 1st mortgage with Tembo Financial is that it can put you in a position to refinance with a bank later on. By building up equity in a home now, you may be able to qualify for a traditional bank mortgage down the road, giving you even more flexibility and options. If you have multiple sources of high interest debt that are eating up your income in payments and weighing down on your credit, you can use your Tembo private mortgage for a down payment on a home and to wipe out your debt. This option will often help to boost your credit score, simplify and consolidate your debt payments, and put you on the path to home ownership and home equity. It’s a win-win-win.
Speed and Customer Service: Tembo Financial is known for its fast approvals and exceptional customer service. You can call us anytime. We develop close relationships with our clients. We want you to succeed and maximize the use of services for your financial and real estate goals. Unlike traditional banks, which can be slow to respond, and difficult to deal with, private mortgage lenders like Tembo Financial are able to offer a more personal, responsive approach, making the mortgage process as stress-free as possible. We have helped countless customers settle on a mortgage option in the morning, and have money deposited into their accounts often within 48 hours from approving their application.
Flexibility: Tembo Financial offers more flexible terms and conditions than traditional banks. This means that you may be able to tailor your mortgage to your specific needs, whether you’re looking to pay off your mortgage faster, reduce your monthly payments, or make other changes to your financing structure. We’ll work closely with you on providing the best amount, loan period, and mortgage terms we can.
Ontario and Toronto Expertise: As a leading private mortgage lender in Ontario, Tembo Financial has a deep understanding of the local housing market and economic conditions. This means that we can offer tailored advice and support to our clients, helping them to make the most informed decisions about their home financing needs. We have clients who have retired and bought cottages in Peterborough use our private mortgages to avoid drawing on savings or credit for a down payment. We have helped countless customers renovate properties and sell them for a boosted profit. We’ve worked with real estate professionals and realtors on financing deals – all across Ontario. Whatever your situation is, we’ll be able to support you with our expertise and experience. Call us today! 416 238 6717