Private mortgages and you.
Having problems securing a mortgage? You're not alone. There are many reasons why someone may fall outside of the borrowing guidelines of institutional lenders.
Whether you have less than perfect credit, a reduced income, or a life event that has impacted your current financial situation, a private mortgage may be an option for you. What many people do not understand is that the Underwriting Criteria for a Private Mortgage is very different from the way a Bank will look at your request or situation.
The primary area that Private lenders look at are EQUITY IN YOUR PROPERTY! Basically if you have solid equity most Private Lenders wioll lend you between 65-75% of your property value. That 65-75% includes any existing indebtedness as well.
ie. Home worth $100,000
Existing mortgage $80,000. or 80% of value -- no point loking for a Private source as there is insufficient equity.
Home Worth $100,000
Existing Mortgage $20,000.(20% Loan to value)
Available 2nd Mortgage $45,000 - $55,000.
Criteria is equity-- some questions may arise about Income or credit rating but to a Private Lender those issues are minimal/
Not quite sure what I am saying? Call Neil "Mortgage-Man" McJannet for a discussion 250-861-8758
I'll discuss your current situation, and look into financing options that may be suited to your needs.