A good mortgage broker can help connect you to the right private mortgage lender. With a private lender, the broker’s commission isn’t included in the loan amount, so your broker will charge you a small upfront fee. Despite the charge, it may be worth it to find a lender who can provide you with the lowest mortgage rate for your financial.
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The Private mortgage lenders are typically equity based lenders. This means that the lenders are more interested in the available equity of the home than they are of the applicants’ income and credit (to some degree). Having said that, the interest rates offered by private mortgages are typically much higher than the other lenders discussed.
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Privately funded first mortgages can carry rates anywhere from 7% to 12%, second mortgages from 12% to 15%. While mortgage rates offered by traditional lenders are affected by the bond market and the central bank’s overnight rate, private mortgage rates tend to stay within the aforementioned ranges.
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5. Save for a Decent Down Payment Those borrowers who pose the least risk to lenders will receive a better rate, all things considered. For conventional loans, having a 20% down payment will exempt.