Private Lending vs. Traditional Lending
You have two options for obtaining second mortgages in Mississauga - private lenders and traditional lenders. People who have good credit will often go to their banks or other specialty lenders to get the funding they need, but those who have less-than-stellar credit are typically denied. This is where private lending comes into play. Mortgage Central Nationwide and other private lenders within the industry can approve people for second mortgages in Mississauga even if they have bad credit or no credit at all.
Though we look at other factors to make our decisions, which means we can approve more people than a traditional lender, this does increase our risk. For this reason, you will find that second mortgage rates through private lenders are typically higher than the rates you would receive through a traditional lender. Nonetheless, it is important to shop around and look at all of your options. We have a solid reputation for providing some of the lowest second mortgage interest rates in the private lending industry, which is why so many people turn to us when they need funds.
