Private Lenders For Home Loans In Fort Collins – Significant Factors You Should Know

Are you having a tough time qualifying for a mortgage from a traditional lender? Whether you fail to meet the lender’s qualification criteria, don’t qualify for a FHA or VA loan, or wish to purchase a home the lender won’t finance, a private lender may be your only other option. There are private lenders for home loans in Fort Collins that can help prospective homeowners buy a home without going through a bank.

 

What you need to borrow from private lenders for home loans in Fort Collins?

Private lenders for home loans in Fort Collins CO come in handy because they are ready to negotiate with anyone, so long as some specific qualifications are met.

In order for anyone to acquire a mortgage loan from private lenders, they must ensure the borrower has valid income sources and are ready to adhere to the quoted interest rates.

Unlike most financial institutions and traditional lenders, private lenders will be very willing to make you a deal as long as you have some proof of income and a desire to have a mortgage.

Here are the other key factors about obtaining a home loan from a private lender

Every private lender in Fort Collins is different. Here are some other must-know key factors to obtain a private mortgage home loan:

  • The agreement should not be verbal. Everything between the borrower and the lender should be written down and verified. Create an agreement in writing that you both review and sign. That will prevent any confusion, misunderstanding, misinterpretation, or an “I forgot” moment that could dramatically impact you or the lender!
  • Clarify taxation: Many people seeking to acquire mortgage loans from private lenders often miss out on understanding the tax implications. Therefore, it can be hard for them to meet the agreed interest rate and payback terms, and they can even expose themselves to hefty fines if they miss a tax payment! Make sure you’re aware of all tax issues while completing the agreement.
  • Bring in a professional: Even though you might not be going through a traditional financial institution for your mortgage does not mean you should approach this mortgage haphazardly. Work with an attorney or title company to help create an agreement that works for all parties — these professionals are highly experienced and can ensure that both parties are protected in writing.

Private mortgages provide a powerful way for many prospective homeowners to get a mortgage, even when they may not be able to get one through a traditional financial institution.

Contact NoCo House Buyers Inc at (970) 744-4944 and we can help to answer questions about private lender home loans (or we can guide you to the people who can help you). Also, for a much faster way of connecting you with a great home loan private lender, please fill in our form so we can help you quickly.

Blake Stevens

About Blake Stevens

I grew up in Fort Collins, I lived in Loveland and I’ve worked and played sports all over Northern Colorado. I love our area, NoCo. Our company borrows money from private lenders so that they get a good return secured against a hard asset they can see and understand. We take a problem property off a sellers hands and get them the cash they want. We fix up the worst houses or even just average houses and make them the gem of the neighborhood, which improves our community one house at a time. We put trades people to work and stimulate the local economy. We partner with people looking to get a return on their capital in long term rentals providing quality housing while earning a good secure return. All around it’s a win, win, win business that I love.

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