Primary Mortgages

A mortgage is the primary loan you take out to purchase a property. This type of mortgage holds the primary lien position, meaning it takes priority over any subsequent loans or liens against your property. The flexibility of a private lender mortgage makes it an ideal option for a range of buyers, including:

• First-Time Homebuyers: Entering the housing market can be overwhelming, but we simplify the process by offering personalized support and clear guidance every step of the way.
• Self-Employed or Non-Traditional Income: If your income fluctuates or comes from multiple sources, we have mortgage options that factor in your overall financial health rather than just your income statements.
• Those with Credit Challenges: Even if your credit history isn’t perfect, we can help you access the mortgage you need to purchase a home, rental or vacation home, commercial property, and more. We will work to find a solution that fits your unique financial situation.

A primary mortgage is the primary loan used to purchase a property. It takes the primary lien position, which means it has priority over any other loans or liens against your property. This mortgage is typically the largest debt you’ll have, and it’s secured by the property itself.

To qualify for a primary mortgage, lenders typically assess factors like your income, credit history, employment status, and debt-to-income ratio. However, private lenders offer more flexibility. If you have non-traditional income sources, credit challenges, or unique financial circumstances, our private lender mortgage solutions can provide an alternative path to property ownership.

Through the use of a certified appraisal, we're able to leverage one of your company's largest assets. Hotels, restaurants, retail stores are just a few examples of businesses we're able to work with. These types of mortgages come with their own unique lending criteria and options, but our creative team will strive to meet the expectations and requirements of your business's needs.

Using the resources available to us, our team will maximize the potential value of both the raw land and homestead value. Farmland and acreage-style properties can be tricky for most lending institutes. Depending on location and type of land, most major lenders won’t offer any mortgage options. Our Alberta-based lenders understand the value in these properties and will offer solutions for your farming needs.

Yes, primary mortgages are available for mobile homes, but they are subject to specific conditions. The mobile home typically needs to be permanently affixed to a foundation and situated on owned land. Eligibility varies, so contact us for details specific to your situation.

A primary mortgage is used to purchase a property, whether it’s a traditional home, a rental property, farms, commercial properties, and other permanent structures that have established resale markets.

The amount you can borrow depends on factors such as the property’s value, your income, and your credit history. Private lenders like BMC Mortgage & Investments offer flexible loan amounts tailored to your financial situation and goals.

Interest rates for private lender mortgages may be slightly higher than those offered by traditional banks due to the increased risk. However, they remain competitive and provide an accessible option for those who do not meet the strict criteria of traditional lenders.

Primary mortgages typically offer a variety of repayment options, including fixed-rate and variable-rate terms. Depending on your financial goals, you can choose the repayment structure that suits your needs, whether that’s a shorter term for quicker payoff or a longer term for lower monthly payments.

The approval timeline for a primary mortgage varies based on your financial profile and the type of lender you work with. Private lender mortgages usually have a faster approval process than traditional banks, often taking days rather than weeks.