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Learn about Private Mortgage Brokering
Brokers Corner have been created by Private Lender Inc. to educate!
Sure makes sense to me: to ask three questions from the borrower before I consider going further. It should by a short synopsis in every email brokers send to a lender looking for funding on mortgages, most commonly private first and seconds:
The reason to borrow and particularly from private
The plan to keep mortgage payments up to date and current at any given time
Exit Strategy: private mortgages expensive, borrower shouldn't be in it longer than must...
The reason to borrow question gives an insight for the lender to see clients future plan and to analyze that plan. In case it makes sense, or it need some kind of alteration, lender will adjust rates and fees (http://www.myprivatelender.com/
Simply put, there are other means to get paid and if the story is believable explanation of cash received, help from friends not declared living in the basement, family members help and so on, what is not in part of income disclosure can make a borrower credit worthy (http://www.mycreditfixer.com/
Private Lender (http://www.myprivatelender.com/
Next time I will provide details of the first question, than the next one and the next one before we talk qualifying and disqualifying factors, collateral, terms, fees and most importantly will discuss how to communicate with clients when they will find the rates and fees too high for their liking...
Keep coming back if you are interested to make sense and learn about private lending. At the end of my tutoring you will be presenting files to lenders and successfully obtain approval and at the same time you will have all the tools (http://mymortgage.pro/
Zoltan M. Padar