Varun Kohli November 8, 2023 No Comments

If you’re a homebuyer in Ontario, you’re no stranger to the challenges that come with securing a mortgage. The decision to opt for a fixed or variable-rate mortgage is always a pivotal one. As is the reality of getting mortgage approval with a big bank – it’s not as easy as it used to be. Self-employed professionals, and people with lots of different credit products understand this full well. Banks are more conservative than ever, and they are stringent in qualifying people, especially with interest rates at 20-year highs.

In this uncertain financial landscape, private mortgage lenders in Ontario are emerging as the underdogs who can help you beat the big banks. Think of a private mortgage lender like Tembo Financial as another option in your toolkit. If you want financial expertise, real estate professionals, silky smooth customer service, tailored solutions to your financial challenges, and money fast, call us. We routinely deposit funds into our clients’ accounts often within 48 hours of approval. No one can beat Tembo Financial in providing funds to their clients quickly, period.

In this blog, we will discuss why exploring the services of a private mortgage lender like Tembo Financial is an excellent choice for Ontario homeowners.

Why Are Private Mortgage Lenders a Good Choice for Ontario Homebuyers?

Private mortgage lenders in Ontario offer a compelling alternative to traditional banks, particularly given the current state of the mortgage market. As variable-rate mortgages have become less favorable due to Bank of Canada interest rate hikes, the cost of fixed-rate mortgages has also climbed from their pandemic lows. This has created a unique scenario where borrowers are looking for a stable and flexible solution to their mortgage needs.

One of the primary reasons why private mortgage lenders are gaining popularity is their ability to offer more flexible terms. Borrowers who are struggling with the potential of rising interest rates are exploring private mortgage lending options. We understand that a one-size-fits-all approach doesn’t work for everyone, and we are willing to tailor mortgage solutions to suit individual needs. Do you need to renovate a home to increase its value for a sale? We can help you with a second or third mortgage for that. Do you want to access funds for a deposit on an investment property, or a condo for your kids, without tapping into your savings and assets? We can help. Do you want to consolidate a line of credit and several credit cards into one consolidated payment for ease and convenience? We can help – and that can potentially boost your credit score!

3 Benefits of Private Mortgage Lending in Ontario

Flexible Mortgage Terms: Private mortgage lenders in Ontario are known for their flexibility. Unlike traditional banks, which often have strict lending criteria, private lenders like Tembo can work with borrowers on a case-by-case basis. This means that even if you’ve been turned down by the banks due to your unique financial situation, we may still be able to help you secure a mortgage. We consider factors beyond just credit scores, such as the value of the property and your ability to make mortgage payments.

If you’re facing a power of sale scenario, keep in mind that big bank has one goal in mind: liquidate the property ASAP! They aren’t often interested in exploring other solutions. We can help you get more time, and more options to increase value, and to better your outcomes once the banks put your house in a Power Of Sale. This is a huge opportunity that Tembo helps clients with every day.

Quick Approval Process: Private mortgage lenders typically have faster approval processes than traditional banks. This can be especially beneficial for homebuyers who need to secure financing quickly. In a competitive real estate market like Toronto, being able to move swiftly can make all the difference in securing your dream home or taking out equity on an existing one. No one in the business gets you your money faster than Tembo. We help our customers receive funds from application to funding often in 48 hours!

Customized Solutions: Private mortgage lenders understand that every borrower is unique, and we are willing to create customized solutions to meet your needs. Whether you’re looking for a short-term mortgage or a more long-term commitment, we can tailor the terms to fit your situation. We are here to listen and to support you, no matter your circumstances. If we can help you, we will.

If you’re in Ontario looking for a mortgage, private mortgage lenders like Tembo Financial are an attractive alternative to the big banks. Our flexibility, quick approval process, and ability to provide customized solutions can make your journey to homeownership and financial freedom more accessible and less stressful.

In a time where interest rates are volatile, having the right loan for your unique situation is crucial. Don’t hesitate to seek out personalized advice from financial professionals to help you make the right choice for your specific needs and goals. With the support of private mortgage lenders, you can beat the banks and secure the financing you need to make your financial dreams a reality in Ontario. Call us today!

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