Mortgages for Property Investors and Single House Owners
Private lenders for self-employed
There are many mortgages for the self employed offered by private lenders. Such lenders evaluate your financial condition and equity to decide your eligibility. Your credit history does not affect the prospect of securing a loan. Even if you have a poor credit history and have faced bankruptcy in the recent past you can get a loan to refinance your previous mortgage. Such lenders can also provide a second mortgage to refurbish your house depending on the balance on the first mortgage or to help you meet contingency expenses. The repayment of the first mortgage is given priority over the second mortgage.
Real estate investors, like non investors who buy homes, need financial assistance for executing their deals. Not many investors can outright pay for a residential or a commercial property. While banks do come forward to finance their deals, very few investors meet criteria set by the bank. Also banks can take a very long time to process mortgages. That apart, banks also lay down requirements to fund least 20 per cent of the total amount as down payment. Many investors, particularly those who have made deals for multi-family homes and commercial buildings where costs exceed one-million dollars, may not have the enough to pay the initial amount. This is where private lenders come in. They provide investment property mortgages that investors can obtain for flexible rates.
Choosing mortgage brokers
If you want to mortgage your property you must consult a broker. This applies to both single house owners and investors. Such brokers can find the best loan for you and make your case to the lender to improve your chances of secure a mortgage with the best terms. They can also help you evaluate your financial position when you are faced with foreclosure proceedings and obtain loans at low rates with a convenient repayment schedule. An Expert can assist you to give mortgage fast and easily