When the banks aren’t your best friends, it can feel as if you’re facing an uphill battle. But the battle isn’t lost – private mortgages are excellent alternatives for folks from all walks of life. It can be difficult to meet every specific requirement of a mainstream lender, so don’t feel bad if you can’t secure a preapproval from one. A private mortgage is exactly what it sounds like – the procurement of repayable funds from a smaller, private lender that has fewer clients. They can be useful when refinancing or renewing at the most competitive rate possible, typically consisting of shorter-term loans.
Instead, private lenders tend to focus more on what you’re buying rather than merely what your credit score is, so an instant no is less likely. You won’t see any 20-year amortization periods here, but you also won’t endure any headaches – I’ll be there to help you make sense of everything, from meeting private lender preapproval requirements to ensuring terms and conditions are borrower-friendly.