What is a private mortgage?
MONEY WHEN YOU NEED IT
A private mortgage in it's simplest terms, is a loan from one individual to another,
using real estate as security.
How does it work
IT ALL STARTS WITH A SIMPLE APPLICATION
WE WILL ASSESS THE EQUITY YOU HAVE IN YOUR HOME
The equity you have in your home is the difference between the fair market value (FMV) of your house and the value of your current mortgage.
For example:
A house with a FMV of $400,000
A current mortgage of $300,000
The equity in the house equals $100,000.
IMG will lend up to a total of 80% of the value of the house (LTV)
PUT THE MORTGAGE TOGETHER AND SHOW YOU YOUR OPTIONS
Based on credit, income and house value we will put together a term sheet, or commitment letter between you and the investor to get you your money. If both parties agree to the terms, the signed commitment letter will go to the lawyer.
HAVE OUR LAWYER SEND MONEY TO YOUR LAWYER!
Our lawyer will put together the mortgage in legal terms, and disperse the money. We can also have the lawyers pay off any debts you would like.
