So How Does A Private Mortgage Work?
A Private Mortgage is far more flexible and less strict than conventional mortgages. As such, its applications can vary and cover many different purposes. Whether you are a current homeowner looking for a second mortgage or a prospective home buyer unable to get a conventional bank loan, then a private mortgage may be the answer for you. Instead of getting your funds from a bank, your loan will come from private investors. What this means for you is a significantly less strict loan application process. Conventional home loans are subject to stringent and drawn out requirements which can easily cause an entire home sale to fall through. In such cases, a private mortgage allows more flexibility to get you the funding that you need. In most cases, you will be able to get a private mortgage as long as you are a homeowner and there is equity in your home. Chat with one of our mortgage specialists today to see if you qualify.
Do I have home equity?
All homeowners with a loan that is less than their current home value has home equity. The amount of home equity is essentially the difference between the current value of the house after the remaining loan amount is deducted from it. For example, if your home is currently worth $500,000 today and your remaining loan balance is $300,000, then your home equity is $200,000! The current value of your home is dependent on market factors and comparable units in your area. So if you bought your house 5 years ago, it may be worth much more today. Contact one of our mortgage specialists who can help you better determine your equity and qualifications.
Comparing your options
