Advantages of a Private Mortgage
While their interest rates are typically higher than those of traditional lenders, there are still many advantages to working with a private lender. In fact, private mortgages are becoming more and more popular for a number of reasons. In this article, we will take a look at just a few of the advantages of getting a second mortgage.
- Easier to qualify for.
While traditional lenders must adhere to very strict qualification criteria, private lenders are free to look at the bigger picture. There are private lenders who specialize in helping people with bad credit. There are also private lenders who specialize in helping people who are self-employed. If you haven’t been able to qualify for a mortgage through a traditional lender, there is still a good chance that you could qualify through a private lender.
- Repair your credit.
If you are ready to stop renting and become a homeowner but you need to repair your credit, getting a private mortgage is a way that you can do both! As you make your regular loan payments on your private mortgage, over time you will be able to repair your credit. By the time your mortgage comes up for renewal, you may even be able to get a mortgage through a traditional lender.
- Non-traditional properties
Do you dream of living in a tiny home? Or have you found a great deal on a mobile home? Even if you have great credit, you still may not be able to get a mortgage on a non-traditional property through your preferred financial institution. Your best option may be to go through a private lender.
- Shorter term loans
Are you planning on selling your home or moving within a couple of years? If so, you don’t want to be stuck in a 5-year term mortgage. With a private mortgage you will likely be able to get a much shorter term if that is what you want.
- Fast approval
Because the criteria for qualification is less stringent, you may find that you can get approved for a private mortgage much more quickly than a traditional mortgage. If you need approval quickly, consider a private mortgage.
Contact us today!
If you think that a private mortgage might be the right option for you, contact 1Onefund Financial today.