Private Mortgage is a kind of insurance used with the regular loans. Similar to other insurance policies, if you stop making monthly payments on your home loan, it will protect the money-lender. The private mortgage can either be provided by the lender or by some insurance companies. We will offer you an insurance policy devoid of complications and hassle. Bid-goodbye to the strict money lending policies of the banks and switch to an easy process to arrange money.
If you are a starter, then it might be difficult for you to pass a loan from a traditional lender or even from the bank because one has to go through many formalities and rules. The lenders check whether you can repay the money. The verification takes a really long time. Our agents will make sure that you don’t have to face such issues. In such case, it is better to take loan among the family. You can negotiate better with your family members, pay the low rate of interest, and save money.
A smooth loan agreement is done with good documentation so that you after three or five years if you forget the terms and conditions, you will still have a written copy of it. For a private mortgage, it will keep your relationships unabridged and protects both the parties. For this, you will need to work with qualified experts. We will provide you the best agents who will talk to tax preparers, local attorneys, and other important people in this domain.
Keep your loan secured
Even if the lender and the borrower are from the same family or friends, then it is better to secure the lender’s interest.
How does it help them?
In worst scenarios, if the borrower is not able to make anything out of the loan, the lender will get his money back by all means. One must always be ready for the future. Who knows what happens when?
For example, A borrower takes the loan but dies eventually, it is obvious that the lender can go after the people and put pressure to redeem his money. But a secured mortgage will provide a sense of satisfaction to the lender. He will be satisfied that the programmed is suitably structured and he will gain the possession of his money. In this way, there will be no chaos.
This is also a good way to help people to deal with taxes. The borrower has the liberty to reduce the rate of interest on the loan if the loan has been secured properly.
Generally, the lenders need PMI (Private Mortgage Insurance) from the borrowers’ mortgages are more than 80% of the value of their home. The aim of PMI is to aid the potential homeowners to buy a house with minimum down payments. The approval of Private mortgage traditionally takes place within the first week after you have submitted your application. The process, further, takes more time, presumably around two to three weeks. Taking the help of a mortgage agent will make your work easier. Our agents are well-equipped with this industry and can help you get a fast and suitable deal. In this way, you will be able to collect your investment return within a certain time period.