Not all home lending financial institutions are created equal. Every one of them has different loan qualifying criteria to determine if they will make a loan to a borrower, how much they will loan, and what the interest rate will be. They are all a bit different.
Not every borrower can get a mortgage through a traditional financial institution; however, this doesn’t mean that the purchase of your dream has to be put on hold. Fortunately, there are private individuals called private lenders for home loans in Fort Worth that can help prospective borrowers purchase their dream home without going through a bank.
Here’s what you need to know in order to borrow from private lenders for home loans in Fort Worth Texas
Private lenders for home loans in Fort Worth TX are very popular and in high demand because they are ready to negotiate with anyone, so long as some specific qualifications are met.
In order for a borrower to acquire a mortgage from a private lender, they must ensure the borrower has sufficient income sources and are ready to adhere to the quoted interest rates.
Unlike most financial institutions and traditional lenders, private lenders will be very willing to make you a loan as long as you have some proof of income and a desire to have a mortgage.
Other key factors about obtaining a home loan from a private lender
Every private lender in Fort Worth is different just like the conventional lenders. Here are some other “must-know” key factors in you obtaining a private mortgage home loan:
- The agreement should not be verbal. Everything between the borrower and the lender should be written down and verified. Create an agreement in writing that you both review and sign. That will prevent any confusion, misunderstanding, misinterpretation, or an “I forgot” moment that could dramatically impact you or the lender!
- Clarify taxation: Many people seeking to acquire mortgage loans from private lenders often miss out on understanding the tax implications. Therefore, it can be hard for them to meet the agreed interest rate and payback terms, and they can even expose themselves to hefty fines if they miss a tax payment! Make sure you’re aware of all tax issues while completing the agreement.
- Bring in a professional: Even though you might not be going through a traditional financial institution for your mortgage does not mean you should approach this mortgage haphazardly. Work with an attorney or title company to help create an agreement that works for all parties — these professionals are highly experienced and can ensure that both parties are protected in writing.
Private mortgages provide a powerful way for many prospective homeowners to get a mortgage, even when they may not be able to get one through a traditional financial institution. Contact All Wholesale Properties at (817) 550-5069 Opt# 8 and we can help to answer questions about private lender home loans (or we can guide you to the people who can help you). Also, for a much faster way of connecting you with a great home loan private lender, please fill in our form so we can help you quickly.