A Custom Mortgage Program Can Help You Finally Become A Homeowner
Are you interested in buying your own home but you are having trouble getting a mortgage from your bank? Your bank might be where you keep your checking and savings account, but there are plenty of other options out there if you are interested in securing a mortgage. Here's how reaching out to a mortgage lender that offers custom mortgages on a case-by-case basis might be able to help you.
A Custom Mortgage Company May Go Beyond a Cookie Cutter Review Process in Order to Get You Qualified
When you apply for a mortgage at your bank or another traditional lender, they typically will use the same list of criteria for each applicant. If you don't have a certain amount of assets on hand or you don't have a credit score over a certain level, you could be automatically disqualified even if you are excelling in a specific category. When you work with a company that does nothing but custom loans and financing, they may be willing to overlook one or two shortcomings on your application if you are strong in another area. There is no guarantee of course, but the point is, if your regular bank declines you, it's not the end of the world and there might still be a company out there that can give you the financing you need to get the house you want.
A Custom Mortgage Company May Be Able to Offer a Different Term or an Adjustable Interest Rate Based On Certain Criteria
Are you interested in seeking out a lower interest rate right now in exchange for paying a higher one later on? Are you looking for a mortgage that will run for a specific number of years that is not typically offered by a traditional bank? A custom mortgage company may be able to strike a deal with you that will get you a mortgage on your own terms. There is usually a trade-off involved, like paying more in interest over the course of the entire mortgage, but if agreeing to these terms will get you set up in your own house, this might be worth it to you.
A Company That Specializes in Custom Mortgages May Allow You to Put Down Stakes Now Instead of Later
When you get declined by your bank for a mortgage, there might be an amount of time you have to wait before you can even try and apply again. But if you find your dream house now and you are willing to get creative or spend a little more over time to get it, a custom mortgage company may be able to help you immediately instead of asking you to work on your credit score and come back months later.