Private mortgage financing in Saguenay

The real estate market in a region like Saguenay–Lac-Saint-Jean is not Montreal's, and not every private lender finances in the regions. Part of our work is to target those that accept properties in this area, to avoid piling up refusals.

The solutions FERRES can explore:

• Private first mortgage
• Private second mortgage
• Debt consolidation
• Mortgage refinancing
• 60-day notice
• Urgent funding

• variable income (overtime, shift work, seasonal jobs) that the bank didn't take into account;
• a self-employed worker or entrepreneur with low declared income;
• debt built up after a temporary drop in income;
• a property on a large lot or on a lakefront that an institution is reluctant to finance.

In a regional market, the lender asks how quickly the property could be resold. It may therefore lend a smaller portion of the value than in a large centre. A homeowner who has owned their house for a long time, with a reduced or paid-off mortgage, often has enough equity for a solution to be possible, however.

Debt consolidation secured by the house can provide breathing room after a period of lower income. If your current mortgage has a good rate, a second mortgage lets you keep it.

Refinancing to pay off debts, fund work or buy out a spouse's share is possible if equity allows. When bank refinancing is refused, a transitional private loan can be compared, with a clear plan to return to a traditional lender.

A 60-day notice is all the more urgent in the regions, where the choice of lenders is narrower. Send us the notice as soon as possible to keep as many options open as you can. For your rights with respect to the creditor, consult a lawyer or notary.

1. Application: you describe your situation, the amount you need and the purpose of the financing;
2. review: we examine the property, the available equity, your debts and the repayment strategy;
3. lender search: your file is presented to lenders whose criteria match your situation;
4. offer: you receive the proposed terms (rate, term, fees) before deciding;
5. notary: the mortgage deed is signed before a notary, who disburses the funds and pays the designated creditors.

If your income varies (shift work, overtime, seasonal employment), have your last two notices of assessment ready: they show your actual income over the year.