Benefits Of A Private Mortgage
Sarah and Peter Shylette had a dilemma. They were locked into a 5 year mortgage with a rate of 2.75% but needed an additional 50K to help out a sick family member. They approached their bank to discuss their options but were told that they would have to break their mortgage, pay a penalty and they would be approved with the current posted rate at the time being 5.29%. This was not an option Sarah and Peter were interested in.
Privatelend.com suggested a way around their problem by recommending a second mortgage, this way they would not have to break their 1st mortgage, pay thousands of dollars in penalties and end up with a lower blended interest rate than what their bank offered.
Another huge benefit to private mortgages is that there are no government institution or agency monitoring your personal affairs. This is a feature that individuals who are business for self are attracted to.
Private mortgages are very flexible and can assist individuals who are facing an overwhelming amount of debt. They key to getting back on your feet and out of debt is to take care of those 30% interest credit cards, by taking out a 2nd mortgage and paying off the cards an individual can get easily increase their monthly cash flow and get out of debt a lot quicker.