A private mortgage is an alternative financing option provided by a private lender when traditional banks or lending institutions decline a borrower’s mortgage or home refinance loan application. Typically, these loans are short-term and interest-only, spanning from 6 months to 3 years.
A subprime mortgage is a type of loan tailored for individuals with poor credit scores or lower incomes, making them ineligible for traditional low-interest mortgages. Unlike prime loans offered to those with good credit and payment history, subprime mortgages cater to borrowers who struggle to meet standard lending criteria.
Debt consolidation involves combining various high-interest debts like credit card debt, student loans, and car loans into a single monthly payment with a lower interest rate. This financial strategy offers several benefits, including the potential to pay off debts quicker, increase monthly cash flow, save on interest costs, and improve credit scores if payments are made promptly on the new loan.
A bridge loan serves as a short-term financial solution for homeowners and commercial property owners, bridging the gap between selling their current property and acquiring funds for the down payment on a new home or property.
An equity take out refinance lets you refinance your mortgage for more than you owe and get cash back. To qualify, you need to have at least 20% of your home’s value as equity, meaning you can’t owe more than 80% of what your home is worth.