What Private Mortgages can do for you
Do you want to buy a home sooner without waiting years to accumulate
a large down payment? You may find it useful to have a look at
private mortgages. If you are confused about Private Mortgage
Insurance (PMI), that's another story.
A Private Mortgage is a loan from a relative, friend, or any other
private party. Private mortgage money can help you purchase a home,
refinance a bank mortgage or even renovate a home.
In a private mortgage, the seller, or the mortgagee, gets security
for the loan by creating a lien on the mortgagor's property. The
mortgagor also personally obligates itself by signing a promissory
note. Sometimes, private mortgage notes can be sold by the mortgagee
to a third party to get a lump sum cash payment. The mortgage
continues to be a lien on the real estate until it is paid in full.
Compare Institutional and Private Mortgage Lenders
In essence, private hard money mortgage lenders work exactly the
same as any other financial institution. They all provide you
funding for your future home. However sometimes an interested buyer
may face difficulties when dealing with banks. In this case, private
mortgage investors may offer more flexible terms such as a shorter
closing period and savings on mortgage expenses.
While enjoying a great life in the privacy of your new home, you may
be qualified to enjoy interest deductions on income tax too. But
this needs to be checked with your accountant or tax consultant
based on your personal situation.
When you are looking for mortgages, do not rely on a single offer.
Do a little comparison shopping. Get as many quotes as you can from
potential lenders. We have provided links to reliable websites where
you can get personalized quotes from reputable lenders online. Just
ask for quotes. You’ll be glad you did.
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