5 Reasons to Finance with a Private Mortgage Lender

Category ยท Tips

Published on February 6, 2018

Choosing a lender for your home purchase does not have to be a difficult decision. Both traditional banks and private mortgage lenders can get the job done. However, there are many advantages to applying for a home loan through a private mortgage lender, such as First Savings Mortgage.

Prompt Processing

Through in-house underwriting and processing, private mortgage lenders are able to provide faster closing times than traditional banks. This can be especially helpful when sellers put in a contingency clause because they need the home sold by a certain date or have received multiple offers. Furthermore, changing interest rates and a changing real estate market mean that time is of the essence. Not to mention that when you find your new home, you will be anxious and excited to move in as soon as possible.

Personalized Products

First Savings Mortgage offers the conventional products in addition to a variety of tailor-made loans to suit a variety of needs.

  • Bridge Financing - This loan is usually taken out when a buyer needs to purchase a new home before selling the old one.
  • Renovation Loans - This loan uses the expected worth of the home to offer appropriate financing.
  • Home Equity Loans and Lines of Credit - This loan uses your home as collateral allowing you to borrow a lump sum of money at a fixed interest rate over a set period of time.
  • Asset Depletion Loans - These loans use a person's assets instead of income to determine loan eligibility.
  • Pledged Asset Loans - This type of loan uses a person's securities or investments as a down payment without the investments having to be sold.
  • Unique properties - These loans help to secure financing for homes that are different from what is in the immediate area. For instance, green homes, log homes, tiny homes, and mixed-use developments could all be tricky to get financing for if they're located in an area without comparable sales.

Loan Officer Availability

First Savings Mortgage has over 45 loan officers working around the clock to make sure that your loan is processed as smoothly and as quickly as possible. Typical bank mortgages have a loan officer relaying your information to a corporate office or other location for processing and approval. Because your loan stays in-house, our loan officers can give you a status update at any time in the process. Our unsurpassed customer service is knowledgeable and pleasant for a stress-free experience.

Less Risk Averse

Private mortgage lenders can offer loans to higher risk buyers such as independent contractors and business owners who cannot provide the typical proof of income that traditional buyers do. They can also lend to buyers with bad credit by adjusting interest rates and fees. Additionally, people who are looking to purchase an investment property will probably have more luck with a private mortgage company than a bank. This is because banks generally have stricter requirements for the amount of income being brought in by the investment property.

Offer More Certainty Early On

Banks can have you waiting by the phone for weeks just to hear if your loan will be approved or not. This is because they cannot alter their processes for individual customers. Typically, a private mortgage lender will be able to inform the buyer of their approval chances earlier in the process and offer suggestions to keep the process moving efficiently.

With faster in-house processes, personalized loans, exceptional customer service, options for a range of buyers, and peace of mind, private mortgage lenders are an easy choice for your next mortgage. First Savings Mortgage is happy to provide you with a unique experience. If you're interested in seeing how we can customize your mortgage, apply online or contact us today.