If you have been a mortgage agent for any length of time, you have no doubt witnessed first-hand the heartbreak when a serious potential home buyer simply can’t qualify for a mortgage. Not only does it seem like their dreams of homeownership have been dashed, but it can also be quite disappointing for you if sale had initially seemed like a sure thing and you were counting on the commission to help you with that month’s expenses. 

As you know, traditional lenders can turn down applicants for a number of reasons ranging from poor credit to an inability to prove income. And now, with the federal financial stress test in place even more Canadians are getting turned down by traditional lenders. 

But with a little help from the team at CYR Funding, you can save the sale and help your client get the funding they need to finally get into a home of their own. We currently have a large pool of private lenders looking to invest in mortgages who are simply waiting for the right opportunity. And the right opportunity, could be YOUR client. 

Is a Private Mortgage Right for Your Client? 

Today, private mortgages in Canada are more popular than ever. 

Canadians turn to private lenders for their mortgage needs for a variety of reasons. Poor or insufficient credit is often the case, but there are other reasons as well including not having enough of a down payment or not being able to pass the stress test. 

Sometimes people are at first hesitant to choose private mortgages because the interest rates are higher. But even so, private mortgages can still be cheaper than paying rent as they are frequently interest only payments. 

Private mortgages can be a good short-term solution. They allow your client to get into the home they want today and then over the next few years, they can build up their credit orincrease their equity so that they can eventually qualify for a conventional mortgage.

Most people who choose a private mortgage are thankful for the opportunity to be able to own a home and are able to make their regular mortgage payments without the risk of default. 

How CYR Funding Can Help

If you think that a private mortgage would be a good option for your client, then we invite you to contact CYR Funding today. We can help match your client with a suitable lender, write up the necessary paperwork, and file the mortgage under the property title. 

Remember, just because your client isn’t able to get funding through traditional channels it doesn’t mean they have to miss out on owning a home – and it doesn’t mean that you have to miss out on making a sale.  Call the team at CYR funding today.