You are ready to buy your dream house and are looking for the best financing options for your home loan. Big banks have always been the popular option when financing, however, people are now looking to private mortgage lenders as a more cost effect option. Private lenders like A1 Mortgage can help those not qualified for a traditional loan. Here is what you should know when looking for the best home loan for you and why private mortgage lenders should be an option for you.
Loan officers at a large bank or credit union are registered under the National Mortgaging Licensing System. After they are registered once, they are then authorized to work in any of the fifty states. People can be uncomfortable with big corporations like these financial institutions.
Private lenders like A1 Mortgage are held to a higher standard than those at a big financial institution.
In addition to being NMLS registered, they must obtain a license in the state where they will be operating. This means private lenders must undergo a minimum of an additional twenty hours of state-mandated course work. They must also undergo at least 8 hours of continuing education every single year. While the course requirements can vary by state, they all cover federal and state lending laws, ethics course and other technical training.
The private loan process is much shorter than a traditional loan.
This is a better option especially if you are ready to buy or refinance your home quickly. It’s a great opportunity for buyers who may have been turned down by the strict traditional loan process or don’t wish to pay higher interest rates. Private loans can also benefit those who are self employed, trying to build up a better credit score or wishing to flip a property.
The era has passed when only those with perfect credit or the perfect application are able to own property.
Unexpected life events happen to the best of us and despite that, home buying should not be out of reach. While you traditionally might not qualify for a home loan, private lenders can give you a chance to make a house a home. A1 loans officers are more than trained to help you get your dream house.
Are you ready to start your home buying process Give us a call! (816) 822 8888
