Advantages of Getting a Mortgage Loan from Private Lenders with Kayla Sweeny

January 19, 2022 melissa Real Estate Comments Off on Advantages of Getting a Mortgage Loan from Private Lenders with Kayla Sweeny

Advantages of Getting a Mortgage Loan from Private Lenders with Kayla Sweeny

Owning a home remains the ultimate dream for many Americans, but getting a bank loan approved is usually a stumbling block to making that dream happen for many. A lot of would-be homeowners invest a significant amount of money, time, and emotion into securing the home of their dreams. Then, all dreams are shattered when a loan application is denied.

Kayla Sweeney of Acopia Home Loans discusses the advantages of getting a mortgage loan from private lenders rather than traditional banks.

The points below are from the 20th episode of the Real Estate JAM, where expert mortgage loan advisor for Acopia, Kayla Sweeny, explains how to prepare for a loan application, the various types of loans available in the market, and even some nontraditional options, and why you should consider lenders rather than traditional banks. You can listen to it on YouTube, Spotify, or Apple Podcasts if you want to learn more about the ins and outs of mortgage lending.


 

Private Mortgage Lenders

Private lenders are companies or organizations that provide loans. They get their funds from multiple various sources, such as individual investors or banks but are not connected with a government agency or a regular bank, allowing them to set their own terms.

 

Private Lenders vs. Banks

A good credit score is one of the requirements that traditional banks place on borrowers. However, not everyone has that, especially if you’ve had financial difficulties in the past that have resulted in low credit scores.

While bank loans offer lower interest rates than their private lending counterparts, there is little flexibility in the application and qualification process. You have a better shot at getting a mortgage from a private lender and in a shorter period.

As Kayla pointed out from her experience as a private mortgage lender:

“We’re usually going to get things done faster. We have more opportunities because we do broker products. If you go to your local bank, what they’ve got is what they got. They probably are not doing anything outside of what they have.

It’s just the little things. I think a lot of lenders just take a little bit extra time and really dig into a file or they just don’t have the overlays that a lot of banks have. Banks honestly deal a lot with the secondary market and buying and selling loans that have already been written versus doing them up for it.”

Private lenders can customize or tailor-fit the requirements and approach to a borrower’s financial situation. Instead of simply rejecting your loan application because you lack sufficient tax returns or a good credit score, they are more willing to consider other factors that demonstrate your ability to repay a loan.

Finding a trusted private money lender is key to tapping more opportunities, especially for real estate investors.

As long as you make your loan payments on time and adhere to the terms of the loan, the good relationship you build with private money lenders will help you or your business thrive even in challenging times.

Are you thinking about getting a loan from a private lender? If you want to learn more about mortgage lending from Kayla, check out .he full episode on YouTube, Spotify, or Apple Podcasts.

 

Outline of the Episode:

  • [01:45] Why Kayla doesn’t discriminate on loan applicants
  • [03:51] The challenge in finding a mortgage lender that is open to nontraditional investors
  • [05:20] How Kayla became a certified mortgage lender in five states!
  • [06:58] What investors should know about the real estate market in Florida. You should take note of this!
  • [10:27] Alternative lending programs for nontraditional borrowers or investors
  • [14:14] What documents should you prepare when planning to get a loan? Get organized!
  • [19:46] How to know if you’re qualified for a loan?
  • [21:43] Brokered products versus in-house products, what’s the difference?
  • [25:14] A different way to move your money around and bring in new loans
  • [27:05] Why choose lenders instead of regular banks?
  • [31:49] The biggest instruction every investor should know before getting a loan

 

Resources Mentioned in the Episode:

 

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