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Private Mortgages

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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