If you have struggled to get a mortgage loan in the past, do not give up. At AKAL Mortgages, we are here to help you find your perfect financial solution. There are alternatives to a traditional loan. Private mortgages are designed to help those who otherwise could not qualify for a mortgage. If you are self-employed, a “flipper,” foreign investor, working on your credit score or taxes, or someone who is starting a business or equity, there are many benefits to getting a private mortgage. With the strict lending requirements in place today, private mortgages may be the way to go for you.
Easy Qualifying: For some, getting a loan from a regular lender can be difficult. There are many reasons for not qualifying. Young and self-employed people often don’t have the credit score or steady work history the bank or lender wants. Some borrowers’ finances just don’t seem good enough to qualify for the usual loan. Debt can also be a reason you are being held back.
Great Idea for those who Buy and Flip Houses: With the short payback period, a private mortgage could be right for you if you plan on flipping the house within that six to twelve month timeframe. If you renovate before selling the house, you can boost the home’s value. You would be able to sell or refinance easily and quickly.
Looking for a “Fixer Upper?”: Most often, homes requiring extensive work won’t be able to qualify for regular mortgage loans, and good credit of a borrower doesn’t matter. A private mortgage can give you the chance to fix up the house in a short time to sell or refinance.
Quick Approval Process: A private mortgage approval only takes a few weeks, where a regular mortgage approval can take about 30 to 45 days. Because pristine credit isn’t necessary, private lenders don’t require as many documents for the loan process as a typical loan.
It is a good idea to be aware of the short payback period private mortgages have. Most have a term of six to twelve months for you to pay the loan. Keep in mind, private mortgages tend to have higher interest rates than traditional mortgages because there is no need for exceptional credit. Many people take the quick approval process in exchange for the higher interest rate.
Since everyone has their own unique financial situation and dreams, it is best to come and speak to an experienced mortgage broker. AKAL Mortgages is here to help you achieve your financial dreams. Come and speak with us today.
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