Every conventional mortgage that includes a minimum 20% down payment requires an appraisal because the mortgage is uninsured. The lender wants to see that your purchase price is in line with the property’s fair market value. Lenders want to see that you are purchasing a quality property and that they will be able to recuperate the full amount if you default on the loan.
Private lending or a private home mortgage means getting the financing you need from a private mortgage lender, as opposed to applying to a bank or other financial institution for a loan.
Applying for a mortgage shouldn’t be hard or confusing,
What is an earnest deposit?
This is a sum of money given to bind the sale of real estate, or a sum of money given to ensure payment or an advance of funds in the processing of a loan.
My bank declined me. Can I still get a mortgage?
It’s possible. After we analyze your own situation we’ll discuss what possibilities are available to you. However, lenders that deal with non-standard credit usually charge a higher rate than normal bank approved credit.