Private Mortgages
Private mortgages are a great option for anyone that falls outside the traditional lending guidelines, or for anyone that needs a quick close on their property.
They differ from conventional mortgages as they tend to be shorter terms, with higher interest rates, and often with additional fees.
However, they are generally easier to qualify for as the loan is based off the home’s equity and down payment, whereas conventional lending is based off income.
Private lenders tend to view their loans as investments, therefore they can customize the mortgage product they offer.
✨When would you benefit from a private mortgage?✨
- • You have a quick upcoming closing date and need a faster financing process than conventional lending offers
- • You need a second mortgage on your property
- • You need a short-term loan to tie you over until you are able to secure financing from a conventional lender
- • The property you are purchasing doesn’t meet conventional home guidelines
- • You can’t confirm your income, or you have blemished credit, or debt.
- • You are a real estate investor who has more than one mortgage.