MortgageBrokerStore.com offers some excellent advantages for people who are looking for an alternative loan rather than a traditional product. The personalized service and flexible lending solutions these private lenders provide are perfect for people with low credit scores and fluctuating income from contract work and freelancing.
This is also a great solution for people who want to get back on their financial feet and avoid a power of sale or foreclosure.
Personalized Mortgage Solutions
Each person applying for a private mortgage has a unique financial situation. MortgageBroker Store.com takes all of these individual situations into account when deciding who gets to take advantage of our personalized mortgage solutions.
For example, a traditional bank or credit union relies heavily on credit scores. Equifax reports that a poor credit score ranges from 300 to 579. People with scores in that range will have a harder time getting a loan through a traditional source.
That’s not the case with private lenders like us. We look at a slightly different set of criteria. Because we will consider alternative income sources and existing assets, we accept people with lower credit scores.
Flexible Lending Criteria
Along with the other criteria from a traditional bank already mentioned, we adopt a more lenient approach to the debt-to-income ratio (DTI). This formula compares someone’s monthly debt payments to their gross income.
With more flexible lending criteria, our company can approve borrowers with high DTI ratios.
Other flexible lending criteria are available. For example, a private lender can look at alternative income sources, including government benefits and self-employed income. This allows self-employed people to supply different types of documentation instead of a typical return. A bank application for a loan will require traditional pay slips, while an alternative lender can use the money they get from freelance work and consultation fees on the application.
It’s a more flexible process, allowing a more accurate picture of their earning potential.
Quick Approval Process
Our company offers a more streamlined approval process to bypass more traditional procedures that take longer.
- The evaluation process is faster because we rely on equity rather than credit history. The primary focus here is the equity in the property, which makes the whole application process much faster because there’s less documentation.
- Banks need to look at other requirements, including formal income verification, which can include pay stubs and T4 slips. MortgageBrokerStore.com accepts alternative incomes, such as money made through contract work, freelance work, and sole proprietorships, which can make the entire process quicker.
Overall, focusing on essential information we obtain through items like a property appraisal makes for quicker assessments and approvals.
Competitive Interest Rates
Even though the rates on a private loan are usually higher than those of a bank, MortgageBrokerStore.com works with a broad network of private lenders. We can get multiple quotes on any application so that you get the best rates available.
Because we simplify the process and put such a big emphasis on your equity, we can offer competitive rates for borrowers. The more equity you build up, the less risk there is for a private lender. Alternative lenders like us focus on the Loan-to-Value (LTV) ratio. That combines the equity that’s been built up in a property with the appraised market value. Our company will lend up to 75% LTV. The lower the LTV number, the more chance you have of a competitive interest rate.
Remember, we also offer customized mortgage solutions like interest-only payments and amortization periods that are flexible. Allowing clients to select the best option that aligns with their situation can also result in a competitive interest rate.
Expert Advice and Support From Private Lender
Maybe you’re someone who doesn’t meet traditional credit rating standards. You might be somebody who doesn’t meet traditional bank requirements for a loan for another reason.
There are other reasons why a private mortgage works well for a specific group of people. Perhaps you need to make an emergency repair to your house, or you’re renovating. For those reasons and others, you should consider us as direct private mortgage lenders.
Our team is comprised of direct private lenders, brokers, and mortgage agents.
Experience
Ronald Alphonso brings over 30 years of real estate expertise to the files he works on. He is a private mortgage lender and the principal broker at our company. One of the other advantages you’ll get when you’re working with Ronald is that he has extensive knowledge about foreclosures and power of sales. He can help you get a private loan to stop either one.
Support
Jonathan Alphonso adds to the advice and support you can get through Mortgagebrokerstore.com. He has 5 years of experience as a licensed mortgage agent. He can also help with the power of sales, foreclosures, and other mortgage scenarios, including new home purchases and different types of alternative loans.
These experts offer customized solutions for clients in financial situations like bad credit. MortgageBrokerStore.com supplies a streamlined application process that’s based on equity rather than stricter metrics like a credit score and detailed income verification.
