Private Mortgage



      A private mortgage is a good way to get fast cash for just about any purpose. If you don't qualify for a regular mortgage or don't have time to wait the regular two to three weeks to get the money from a bank or trust company, private lenders can help.

      Generally, private mortgages are offered by large, well established companies who are in the business of lending money. The people who run these companies are ex-bankers and have lots of experience in determining credit worthiness. They end up in private lending institutions because they realize that conventional banks turn away far too many people that are willing and able to pay back their loan.

      Many companies will specialize in what kind of private mortgages they deal with. Some companies will only lend private funds when re-financing for debt consolidation or renovations. Others will only lend if someone is refinancing for the purpose of buying another property. While still others will only lend for people investing in non-real estate investments.

      Most companies that lend for private mortgages get their money from business people who invest their money on a "hands-off" basis. On the other hand, there are many small investors and business people who like to do a few private mortgages themselves.

      Interest rates for private mortgages typically run around 10% to 18%, depending on the borrower, the property they are financing and the economic climate. You can look forward to paying set-up fees and broker fees that amount to 3% to 8%, in addition to the interest rate, depending on the situation.

      Considering how expensive this is, it is a good idea to try to qualify for a regular mortgage if at all possible.

      A good mortgage broker is your best bet if you are looking for a private mortgage. He/she will research the market thoroughly to get you the best rate possible. Mortgage brokers typically have already established links to both large and small private mortgage lenders.

      This is one time that you really should deal with a mortgage broker. It is easy to get taken advantage of if you go out on your own and end up with an unscurpulous private mortgage lender. You don't know what your options are and don't know what you can negotiate. An experienced mortgage broker will work with you through the whole process and get you the best interest rate and terms and conditions.

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