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Fanson Mortgage Can Help You Refinance Your Mortgage At Great Low Rates With The Best Lenders In The Industry!

What Is A Mortgage Refinance?

A mortgage refinance is a new mortgage that is taken out either to replace a current mortgage. It is a term loan that a homeowner can apply for in the same amount as an existing mortgage or a greater amount. A homeowner may also apply to combine a first and second mortgage into a single first mortgage at a lower overall interest rate, or as a second mortgage that is in addition to a current first mortgage. As with a new purchase mortgage, a home refinance is secured against your home. A qualified mortgage broker can help increase your chances of getting your mortgage refinance application approved at the lowest rate available to you.

Homeowners can refinance their mortgage on a home or commercial property with the help of an experienced and qualified Fanson Mortgage broker to guide you through the process. When refinancing your mortgage, you may be able to get a lower interest rate, better terms, longer amortization, or use the extra cash for a number of different reasons. Through refinancing your mortgage, you can gain access to much needed cash for many different purposes. Since that cash can go directly into your savings accounts or chequing accounts, you can use it for whatever needs you may have.

We have access to a wide variety of lenders, and can help you get great refinancing rates at a bank, or through alternative lenders in the event that your credit is bad or less than ideal, you have too many revolving debt on cards, your income is low, or you are self-employed and have a non-traditional was of reporting your income.
Whether you are looking to refinance your current mortgage to take out extra money from the equity you have in your home for personal use, to consolidate debts or pay off higher interest debts, to renovate your home, to finance a car, or for any other reason, the experts at Fanson Mortgage can help you get the best deal that’s right for you.

We Can Help You Get Approved For A Mortgage Even When Your Bank Won’t!

What Is A Private Mortgage Loan?

A private mortgage is an alternative source of financing given to a borrower by a private lender, and is usually sought after when a traditional bank or lending institution will not approve a borrower for a mortgage or a home refinance loan. They are usually short-term interest-only loans ranging from 6 months to 3 years. At Fanson, our experienced mortgage agents specialize in finding the best private lender who will offer you the right option for your needs and specific financial situation.

Private lenders understand that the guidelines used by the banks and other traditional lending institutions are too stringent, and that in many cases banks turn away borrowers who are perfectly capable of paying back their mortgages. Unlike banks, private lenders place a larger focus on the value and over condition of the property, instead of simply looking at the borrower’s credit and income.

A borrower will often try getting a mortgage or refinance their property by making contact with their bank first. These days this is a hard feat to accomplish. If their banks turn them away due to bad credit, high debt that may be in arrears, low income, or other issues, then they would contact a mortgage broker and try to get approved at an alternative lender, also known as a B lender, through the services of a professional mortgage broker.

A B lender would charge higher rates than a traditional institutional lender, but the fixed rates will still be lower than in a mortgage from the private sector. Examples of B lenders include trust companies and certain credit unions. If the borrower has a severe problem with their credit and is declined by a B lender, they would then turn to one of many private mortgage lenders that are accessible through your Mortgage agent and broker for a short term private mortgage.

A 1 year term is most common when it comes to a private mortgage. If this is a problem for you and a shorter or longer term might be a better choice, those types of private mortgages are available through certain mortgage lenders who lend using their own private funds. Terms start from 6 months for a private home loan and can be as long as 3 years for a private first mortgage, second, or third mortgage depending on the lender.

A private mortgage is an ideal short term solution for someone who almost qualifies at a B lender but might need some time to either build up their credit, save up a larger down payment, or grow their income and net worth. In this case, private is the way to go.

Unlike traditional lending institutions, private mortgage lenders lend primarily based on the value of the property, the equity remaining in the real estate, and they even take into consideration the city where the property is located in.

Even When The Banks Say No, We Say Yes!

What Is A Bad Credit Mortgage In Canada?

A bad credit mortgage is a term that is used when someone who has poor credit, bad credit, horrible credit, or no credit applies for a mortgage loan.

As you may have heard or read in the news recently, in 2019 Canadians are having a harder time getting approved for mortgages at their banks due to recent policy changes. Mortgages are even harder to come across if you have less than excellent credit and high income. This is where this kind of mortgage loans come in.

Bad credit mortgages in Canada are mostly available through alternative lenders and through channels that are not as well known for mortgages. Since banks and many other larger institutional mortgage lenders will only approve the lending of mortgages to individuals who have good credit, great credit, or excellent credit. It is important to understand that even if your credit is not too bad, you could still get turned away by the banks when applying for a mortgage and other mortgage related loans.

Many of the lenders who we work with specialize in quickly approving mortgage loans for Canadian people with bad credit or low income, or self declared income. We spend the time looking for the right mortgage loans solution for your needs at the current lowest rates and best terms that are available to you.

Whether you are looking for $300,000 to purchase a small store, or $100 million to build a high rise building, Fanson Commercial Mortgage can find the funds you need. Our history of placing commercial mortgage loans in BC, gives us the experience and relationships, with both private and institutional lending sources, that you need to leverage. Whether you are looking for a basic commercial mortgage loan, or a joint venture equity partnership, Fanson Commercial Mortgage knows how to source the money you need.

An office building is a property where tenants rent out space to conduct business. Examples include single-tenant properties, small professional buildings or large skyscrapers. This type of property typically attracts a more sophisticated buyer as a result of the risk profile and operational complexities.

An industrial asset can span real estate operations including warehousing, manufacturing, transportation and logistics.  This type of property typically attracts a more sophisticated buyer as a result of the risk profile and operational complexities.