A Private Mortgage is something that looks expensive because it is. Below, Mortgage Suite breaks down all costs in a list to show you what it would look like and cost.
There is a lot of info in this Mortgage Sheets breakdown. In order to get in to this type of Purchase or Refinance, you would require an exit strategy or mortgage path.
Please talk to one of our Mortgage Agent/Broker. We can also discuss Investment Properties where there is less weight on the exit strategy.
Always Remember…
- Not all mortgages come with mortgage fees.
- There is a letter of direction to sign for such fees.
- Always know how much and why – see borrower types.
6 responses to “What A Private Mortgage Loan Looks Like. On Closing.”
[…] M.I.C. interest rate generally is lower than a private mortgage as the down payment is higher. This higher down payment lowers the overall risk of the file. Terms […]
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[…] If they have declined your application, we will need to look at Private Farm Financing. Rates can range quite a bit higher than what F.C.C. can offer, but we would approve you with an Exit Strategy to go back to farm lending. Similar Private Lending Closing Costs can be seen with a farm mortgage. […]
[…] Typically on the Private Lending side there limited or a small amount of conditions. You can check out what this looks like on closing here. […]