Acquiring a mortgage or loan for a property with a high level of risk can be very difficult. The most important aspect is to understand and manage the risk factors. Our mortgage brokers are trained to match the needs of each client with the investors needs. High risk mortgages and loans are only recommended for very knowledgeable investors.
When you are looking for a high risk private lender you need to find a lender that meets that has the same goals as you. High risk private lenders can provide quick access money for higher loan-to-value ratios mortgages and loans. As a consumer you should try to get the best advice, interest rates, and options possible. To do this you should consult with a mortgage broker regarding a high risk mortgage.
Private lenders are different from banks, because are money provided is funded by private individuals. Private lenders are a significant source of funding for the real estate and mortgage industry. A private mortgage lender can provide first and second mortgages which can have either fixed or variable interest rates. A fixed-rate mortgage is a loan with monthly payments set at a fixed rate of interest and monthly payment. Fixed interest rate mortgages are a popular option since you will know what your payments will be. Variable interest rate mortgages are dependent on interest rating. If the interest rates go up your monthly payments go up and vice versa.
High risk lender realize that many responsible people have a poor credit rating. Private mortgage lenders also know that credit ratings do not show an individual’s entire financial picture. There are a number of reasons why a person could have a poor credit score including too many credit cards, missed payments, unpaid credit card balances and even errors by the credit granting companies. The most important point for the borrower to remember is that a private mortgage company does not solely base their decision on your credit score; even if you have a very poor credit score it is still possible to get a mortgage for your home.
For more information on acquiring a high risk loan or mortgage, please give us a call.