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

Not all financial institutions are created equal. Each one has different criteria to determine whether or not they will lend to a borrow, how much they will lend, and at what interest rate.

Not everyone can get a mortgage through a traditional financial institution; however, this doesn’t mean that your dream of owning a home must be put on hold. Fortunately, there are private lenders for home loans in Charleston that can help prospective homeowners buy a home without going through a bank.

Here’s what you need to borrow from private lenders for home loans in Charleston

Private lenders for home loans in Charleston South Carolina 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.

Other key factors about obtaining a home loan from a private lender

Every private lender in Charleston 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 South Carolina Homes at (843) 881-7171 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.

Steve Banis

About Steve Banis

When I originally began investing in Real Estate, I wasn’t a real estate agent. And I still do not list houses as an agent! No, I’m not proposing that I list your home, or have you sign some kind of agency agreement. My involvement with you and your property is for our own investment portfolio.…. not the score-sheet of a Broker. My background includes that of being an executive for several Fortune 500 companies since 1968, an owner of real estate since 1975, a businessman in Boston, MA and Charleston, SC. I am a VETERAN of THE UNITED STATES ARMY, beginning my Service career January 1964, in Columbia, SC on Tank Hill at Ft. Jackson. I have been up and down the ladder in my business as well as my personal life - therefore I am well qualified to understand the various situations and challenges of the homeowners we meet. We can help provide solutions to various real estate challenges and situations. My passion is to assist in the sale and purchase of real estate. The rest of this report tells you how our company, CASH HOMEBUYERS of SOUTH CAROLINA, LLC., will assist you by purchasing your home.

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