Private Mortgage Lenders
Private mortgages are mortgages that are not giving by banks, because typically, when people purchase a real estate property, they would need to get a mortgage from banks, and repay the bank within a set period of time. However, it is a much more convenient loan, because there are many advantages when you obtain this loan.
You can borrow multiple mortgages on the same property, for example, if you purchase a property, and the property is valued at $400,000, most people would pay a deposit of maybe about 30%, meaning the new owner would pay $120,000 to the previous house owner. And the remaining $280,000 can be a mortgage borrowed from banks, and maybe in a few years time. You might be interested in get a private mortgage on top of your current one, which is the reason why these kinds of loans are called 2nd mortgage.
Using private mortgage
Some people uses this loan as 2nd mortgage, and some people wonder why risk their home with second mortgage. But these kinds of loans are very useful when you need a lot of money, because most the time, the thing that worth the most value is your home. And when you borrow money against your home, usually you can borrow quite a large amount of money, and because lenders usually consider loans against a home to be safer, and there are a few common reasons people use 2nd mortgage.
- Improving house such as renovation
- Avoid private insurance
- Joining debt consolidation
- Purchase more than one property
But of course, there is many other reasons people use it, but just a word of advice, use the money wisely, because remember you are borrowing against your home. But of course, sometimes people really need to have the money, and would have to use private mortgage to assist them.
How to get this mortgage
It is very easy to get a private mortgage from lenders, because basically you just need to have a real estate, and you are eligible to get it. And we provide it as you need it. We have a team of experts that manage your loan application professionally, and discuss how our services can help you achieve what you want. So talk to our team today by simply filling in the pre-approval form, or contact our team via phone, or email us your enquiries, we helped over thousands of Aussies in need of money every year.