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Bad Credit? Private Mortgages Help

April 17, 2012 | Comments: 0 | Views: 186

If you are looking for a way to finance home improvement or debt repayment, a private mortgage can help. Instead of going off your credit score, you'll be able to use your home as leverage against the money you borrow. Lenders won't worry as much about your credit rating as conventional lenders will, so you'll be able to get your money back faster. You can use them to stop foreclosures, pay off your credit card and household debts, and build an addition to your home amongst other things. There are so many ways you can use a private mortgage to improve your life, but is it right for you?

How Do Private Mortgages Work?

Getting a private mortgage is all about relationships. You have to market yourself, sell your investment opportunity to get the money you need. Most of us just don't know how to market ourselves like that, and that's why you need a mortgage broker to help you sell your mortgage. If it's a first mortgage to get your first home or if it's a second mortgage to improve your home or pay off your debts, the right mortgage broker is going to help you get there. They have the relationships and know who is looking to invest money in borrowers just like you. Why risk it on a bad investment deal when you can get the help you need at a price you can afford?

Do Private Mortgages Stop Foreclosure?

You can use them to stop a foreclosure, but you're going to want to be certain that you can repay the loan. Have your mortgage broker help you take advantage of the good interest rates that we're having right now, and make sure that they help you understand the terms of the contract. You shouldn't lose all of your money and your home because you didn't understand the terms of the agreement.

What Can You Use a Private Mortgage For?

When you're looking at private mortgages, here are a few things you can use them for:

Education: Want to go back to school or send your children to university? Education is one of the best investments that you can make.

Repairing and Updating Your Home: Updating your home can bring up the value and repairing it will help you sell it faster if you're planning to take advantage of the market.

Repaying and Consolidating Your Debts: Repaying and consolidating your debts is a great investment. If you have high interest credit cards and can get a low interest private mortgage you'll be able to reduce your monthly payments and start repairing your credit.

A private mortgage can help you do so much more with your home equity than you would otherwise. If you want to put your money towards the things that matter and end up in a better position a year down the road, it's a real option. Make sure you have a mortgage broker to help you get a good deal and understand your terms.

As a Mortgage Broker of Second Mortgages, Private Mortgages, Home Equity Lines of Credit and more, we are here to help!

Source: EzineArticles
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