Private mortgages are short- term, interest-only loans, ranging in length from 1 to 3 years. Interest only loans do not require homeowners to pay the mortgage principal down, and instead only require interest payments each month. We also do provide the normal interest and principal payment loans.
Private lenders have realized that conservative lending guidelines used by banks and conventional lenders exclude many individuals who are in fact able to pay back loans. Most importantly, private lenders take into account a property’s overall value and marketability as opposed to simply the borrower’s credit history.
When should I consider a private mortgage?
A private mortgage from Your Way Out may be an ideal solution for you if:
- You want to purchase an unconventional property that a prime lender or bank won’t finance.
- You need fast financing and don’t want to wait for a long approval process.
- You only need a short term loan.
- You have nonconfirmable income that is preventing you from obtaining a traditional mortgage.
- You want to consolidate debt and reduce overall interest charges.
- You want to renovate.
Let’s get started today!
At Your Way Out we can’t wait to find out how we can help you achieve your goals. From residential to commercial to investment properties, we’re here to help. Contact us today to learn more about our private mortgages, and to begin the process, your call is strictly confidential.