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Burlington is a city in the Regional Municipality of Halton at the northwestern end of Lake Ontario. Along with Milton to the north, Burlington forms the west end of the Greater Toronto Area, and is also part of the Hamilton metropolitan census area. Burlington lies between Lake Ontario’s north shore and the Niagara Escarpment.
If you’ve confirmed that your credit score is lower than 600 you will require the services of a private lender in order to get a mortgage. Factors such as unemployment, bankruptcy, and income will cause you to get turned down for a bank mortgage. Private mortgage lenders make their business by serving people who have been turned down by banks. These private lenders are usually the best option for people who have been turned away by banks. Typically their rates and fees are higher than the banks, but are far cheaper than credit cards and personal loans.
While private lenders are far more flexible than banks, they also charge higher rates and fees. Since private lenders are willing to take on riskier mortgages that banks turn down, they need to charge more to compensate for the risk. Typically, a private bad credit mortgage in Burlington will offer an interest rate of around seven to 15 per cent. Private lenders also charge additional fees to pay the administrative, legal and home appraisal costs. The greatest advantage of a private loan is that it can be fully customized to meet a person’s unique needs. A mortgage professional on our team can speak with you over the phone to outline how to write the mortgage agreement in order to best meet your requirements.