These days, it can sometimes be difficult for individuals in Davie to secure a mortgage from a conventional lender, such as a bank or credit union. This is not always due to a poor credit score or other personal failings. For example, sometimes someone who is retired or is self-employed may have good credit and earn a sufficient income, but will still experience difficulties in securing a mortgage loan from a conventional lender. Therefore, some of them are turning to private lenders who will provide them with the financing they need to purchase a home.
Private lenders include friends and relatives, or simply individuals who are on the lookout for an investment opportunity that isn't too risky and earns them more interest than a traditional savings account would. That being said, even private mortgages should include the appropriate documents. This means there should be a promissory note, a mortgage and a schedule of repayment in writing that has been examined and then signed by the two sides to the contract.
If a person does decide that they'll finance their home through a mortgage from a private lender, it is important that they understand what they are getting into before signing on the dotted line. At our law firm, we work with clients in South Florida who are interested in private mortgages. We understand the complexities involved in creating legally sound documents that are fair to all involved. We aim to ensure that our clients pursue the options that are best for them.
Owning a home may be part of the "American Dream," but, often, through no fault of their own, a person might find that they are ineligible for a mortgage from a traditional financial institution. When this happens, it may be worthwhile to look into private mortgages. Our website provides more information on private mortgages that may be helpful to potential homeowners.