A private mortgage is a primary form of agreement that is legally binding between two different parties: the lender and the buyer. The lending party in the case of a private mortgage is privately owned, unlike conventional loans which are issued by government-regulated financial institutions.
Considering the status of the current economy, more and more people today have bad credit scores that inhibit them from taking out conventional mortgages. Official banking institutions and lenders often turn people with bad credit away at the door. Private lenders like Sky Financial Corporation – The Mortgage Center are less strict and give people with poor credit scores a second chance to secure a good mortgage and to rebuild their credit score.
The main advantage of a private mortgage is the flexibility of borrowing without the usual intricacies and rules involved with a traditional lending institution. With private loaning institutions, you do not have to undergo the usual pre-qualification process typical of traditional institutions.
Private lenders can be a good alternative for clients who are trying to renegotiate their current mortgage in order to get more flexible terms and lower interest rates. Selecting The Mortgage Center as your private lender will protect your interests, save money and increase your cash flow in the long run.
Sky Financial Corporation – The Mortgage Centre will help match you with a plan that best meets your particular needs. Contact us today to schedule an appointment with one of our financial associates. For more information about Sky Financial Corporation mortgage programs and other mortgage products and services, visit our website or call us at 1-800-472-9791.
