So, happy days to achieve home ownership have long been gone from you. Now is about keeping your head above water and this, that or the other, financially fan from a company that is private mortgage sounds like just what the doctor ordered. Or not? Of course I do, you must first determine if you have enough equity in your home for private investors to offer loan for you.
Most of us are familiar with the public conventional prime and sub-prime loans to borrowers through the mortgage banks and financial institutions. Such loans are carefully from the borrower's income to debt ratio, a credit, a home's value. Such loans are also taken plenty of time for processing, usually 60-90 days.
Alternative to conventional mortgage comes from the private mortgage company or person who is issued a credit to you and the mortgage as long as there is enough equity in your home. In this way, your home is the case of default on mortgage payments, the lender will be paid back its investment and interest. Loans of this nature are determined quickly, literally in 24 hours as the answer to getting a loan or not.
private mortgage company charges premium rates, since they are not bound by regulations and to issue the loan quickly. Interest rates between 11 and 18% are industry standard and accept only the obvious and the fact that credit is not bogged down by conventional time line and checks should be individual loans, and home value. Such monitoring may lead to a denial of the loan based on one's credit history alone. Private mortgages are approved outside the consideration of one's credit, they are entirely related to home equity. If capital is not at home, this type of loan will not work.
One thing to be aware of a private mortgage is that payback is required in a very short period of time than conventional loans, usually only six months to two years.
