Do you have a private mortgage loan with a private lender that expires soon? If so, are you going to try to refinance with a bank, simply renew the loan, or switch private lenders?<\/strong><\/p>\n Refinancing with a traditional bank is the ideal scenario. However, this option is available to everyone. If you are thinking of switching private lenders, ask yourself why you are moving towards this direction. Is it because you need more funds? Is it rather the monthly payment that you find too high?<\/p>\n In any case, we recommend that you first contact your current lender to see if it is possible to change the terms of your private mortgage to better suit your current situation.<\/p>\n In the first place, there are the notary fees<\/strong> to prepare the release of the current private mortgage. These fees can vary between $ 600.00 and $ 900.00. To ensure the marketability of your property, many private lenders do business with licensed appraisers. Appraisal fees will often be charged before your loan is confirmed.<\/p>\n Was the new lender introduced to you by a mortgage broker? If so, there is very likely a brokerage fee<\/strong> to consider. In the area of private mortgages, mortgage brokers usually charge a brokerage fee of 3% to 5% of the loan amount.<\/p>\n So, for a refinancing of $ 100,000.00, you can expect a brokerage fee between $ 3,000.00 and $ 5,000.00 and of up to $ 15,000.00 for a $ 300,000.00 private mortgage. And then there\u2019s the charlatans who charge even higher fees than these listed above.<\/p>\n Finally, the new lender will also charge you for initial lending fees. These fees range from 3% to 5% of the loan amount, with a minimum of $ 3,000.00.<\/p>\n In summary, this cocktail of fees must be taken into consideration when changing private lenders. It is not uncommon to see a customer pay between $ 7,000.00 to $ 15,000.00 only to earn a few thousand dollars more. <\/strong>Quite often, the clients have not done their homework and realize their mistake at the notary\u2019s office.<\/p>\n It is therefore important to make calculations to determine which of the options is the most lucrative for you. In most cases, renewing the existing loan is the best option for the client.<\/strong><\/p>\n If you have any questions regarding your mortgage renewal with Victoria Financial or if you would like to refinance your private mortgage with us, please contact us so that we can enlighten you.<\/p>\n You can fill a contact form via our website or call us at 1 (877) 220-7738, extension 1.<\/p>\n","protected":false},"excerpt":{"rendered":" Is Refinancing A Private Mortgage With Another Private Lender Worth It? Do you have a private mortgage loan with a private lender that expires soon? If so, are you going to try to refinance with a bank, simply renew the loan, or switch private lenders? Refinancing with a traditional bank is the ideal scenario. However, […]<\/p>\n","protected":false},"author":2,"featured_media":6194,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[40,41,35,36],"tags":[],"class_list":["post-6239","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-pretprive-en","category-preteurprive-en","category-private-lender","category-private-mortgage"],"yoast_head":"\nFollowing your verifications, are you still thinking about refinancing with a new private lender? Here are the important points to consider.<\/strong><\/h2>\n
Legal fees \u2013 $ 1,500.00 to $ 2,400.00<\/strong><\/h5>\n
\nIn addition, notary fees will be incurred to prepare the mortgage of the new loan. Costs between $ 1,000.00 and $ 1,500.00 are to be expected.<\/p>\nAppraisal fees \u2013 $ 400.00 to $ 500.00<\/strong><\/h5>\n
Brokerage fees \u2013 $ 3,000.00 and more<\/strong><\/h5>\n
New private lenders initial lending fees \u2013 $ 3,000.00 and more<\/strong><\/h5>\n
Is it worth it? Our recommendations.<\/strong><\/h2>\n