Benefits And Pitfalls Of Buying A Home Using A Private Lender In Santa Fe
By Brian Tercero
(Keller Williams Santa Fe)
If you are having a problem getting a mortgage with a bank or any other type of financial institution, you may be thinking about getting a private lender in Santa Fe. In a few cases this can work out, but for the most part you are better off waiting to improve your financial situation before going ahead with a private lender.If you have been given a definite no from a bank regarding a mortgage, the first thing you need to do is find out why. Usually the answer will be given in a sentence or two such as “Your income doesn’t qualify you for a mortgage loan” or “You already have too much debt to handle”. These sentences, and ones like them, need to be qualified. You need to know exactly why you were turned down for this loan so that you can correct it.If you aren’t making enough money to g...