For any credit, whether mortgage or otherwise, there are 3 major criteria
The private mortgage lenders will look EQUITY the so for them it is the value of the property, the condition of the property and location that is most important. Of course they want you to be able to make your payments and also that at the end of the term you are able to get your mortgage in a conventional bank.
Broker Specialized in Private Texas mortgage lenders.
It is important to do business with serious private Texas mortgage lenders who will not seek to take advantage of a situation that makes you vulnerable. It is therefore recommended to do business with a mortgage broker such as those of Multi-Mortgage Loans which verifies the reputation of these so-called private lenders and their documents to ensure that customers are not held hostage.
The private mortgage lenders allow you to set a temporary problem for example in the case of a job loss, divorce, financial difficulties, bankruptcy, with 60 days’ notice, etc.
We will help you by transferring your mortgage with a private Texas mortgage lenders for 1 year or 2 years, time to restore your credit. We will then transfer your mortgage to a conventional financial institution.
Private Mortgage Lender.
We have more than 30 Private Mortgage Lenders with whom we work regularly. The private mortgage lenders were less restrictive criteria than conventional financial institutions will therefore allow you to get your financing. Of course, the rates are higher. In general for a first Private Mortgage, the rates are about 8% and plus or minus 15% for a 2nd Private Mortgage.
The Lenders Mortgage Private lend up to 75% of the value of your property. The ratio may vary depending on the location of your property. If you are in the Montreal area, Laval (North Shore) or Longueuil (South Shore), private mortgage lenders can sometimes go to 80% of the value. By cons if your property is in the region, in a row, my private Texas mortgage lenders may have gone up to 65% of the value.
One thing to keep in mind is that private mortgage lenders want to finance a property in good condition. Making a private mortgage for a lender is one way to invest one’s money.
Why a Private Mortgage Lender?
Looking for a private mortgage lender for financing, mortgage refinancing or second mortgage? You are in the right place. Your credit is bad and all doors are closed to you. Do not hesitate to contact our team for more information. We will arrange for you with private mortgage lenders. If you have had credit problems, a job loss, a 60-day notice or any other financial problems, we can help you.
Acceptance Criteria for Private Texas mortgage lenders:
The maximum we finance and we can get is 75% of the value of your property. So if the market value of your property is $ 200,000, we can have up to $ 150,000 in funding. The purpose of going with a private mortgage lender for your financing is to resolve a situation. For example, if you are about to lose your home, about to be seized, the option of a private mortgage loan may be a good solution. For a purchase, a private mortgage may not be the best solution. We have put together a credit recovery program to make it clear to our customers that no matter what your situation, there is always a solution!
- The 3 major criteria of mortgage lenders:
- The credit file
- Sources of income
- Equity of ownership or down payment
The private mortgage lenders unlike banks will mainly look at item # 3. Equity, the condition of the property, where the property is located. With good property, in good condition and good equity, we can help you and find solutions.