Selecting Best Private Mortgage Lender [10to5mortgage.blogspot.com]
Question by jmpoct03: is there any private mortgage lenders in ny state? we recently own our home without a mortgage but want to borrow against our home so we can pay back some back property taxes so we dont lose our home. we also want to pay off some debt and do some major repairs to our home. our home is valued as of now at about $ 84,000. we were looking to borrow around $ 40,000 and we both have poor credit so this is why we are looking into a private lender which a bank reccommended us to do. Best answer for is there any private mortgage lenders in ny state?:
Answer by MVD34
That industry is largely dead. They are the ones that build the bottom layer of the housing bubble and the credit crisis. You should try the usual sources, however. As long as your FICO score is above 620 and you are will to pay through the nose for the privilege, you should be able to get a 50% LTV loan.
Answer by STEVEN F
If your bank won't give you a mortgage, borrowing against you home will GUARANTEE you lose the home. If a loan officer at your bank suggested you look for a private lender, please inform their boss. That person has no business advising customers about loans.
Answer by Clopton Capital
if it's an interest-first mortgage or something similar to that than it is quite possible
Private Hard Money Lending explained. The first in a series of short videos about hard money investing, borrowing and brokering from Trent Dalrymple, private "hard money" investor and lender since 1986. Metro Mortgage Investments, LLC works with property in the Detroit and Metro Detroit area only.
mortgage-assumption.blogspot.com Hard Money Lending & Private Mortgage Lending- How it Works
Private mortgage lenders go by many different names in Canada â€" high-ratio lenders, high-risk lenders, and sub-prime lenders being just a few. Whatever name they go by, private mortgage lenders can be a great option for homeowners who have bad credit but have built up equity in their home, or who have been turned down by the big banks for other reasons. But private lenders don’t advertise their services as much as the major lenders, and they can be difficult to find. And you should never choose to work with one lender just because you think you’re out of options. To make sure that doesn’t happen, here are some tips to keep in mind when selecting the best private mortgage lender.
Different private mortgage lenders will have different requirements, and different interest rates. Usually, any private lender is going to need a certain amount of equity already built up in the home; or they’ll require a down payment of 25-35%.
Generally the more equity you have though, the more likely you are to have an extensive list of options when it comes to selecting the best private mortgage lender.The interest rate on private mortgages should be particularly scrutinized when looking for a private mortgage. Because homeowners typically look for private mortgages when they are in a higher risk category, or they’ve already been turned down by a major bank, private lenders will charge higher interest rates than you’d otherwise find. This covers them for the risk they are taking. However, you shouldn’t simply agree to a high interest rate because you know that private lenders charge more.
Just like with any other mortgage or loan that you shop for, you need to look around and ask different lenders what they can offer you, and then compare their rates to see which one is offering the best deal.Of course, there’s still the problem of private lenders not usually advertising their services. So how are homeowners supposed to find one? The best way is through a mortgage broker. While many people think that mortgage brokers only deal with banks or certain lenders, they deal with all kinds of lenders every single day â€" and they have a huge list of them, too. Within their network they’ll know of not just one, but many, private lenders that are willing to work with you. And, a mortgage broker will be able to easily compare the different rates those private lenders are offering, too, saving you from running around from lender to lender trying to do it yourself â€" if you can find them.
Selecting the best private mortgage lender in Canada is more difficult than selecting another type of mortgage lender. But if you go into it knowing what will be required of you and what to watch for, you’ll increase your chances of finding the best one for you. And if you hand over all the legwork to an experienced mortgage broker, you’ll be guaranteed to work with only the best private lender, and have a smooth and easy mortgage process too!
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