If you’re currently having trouble getting approved for a new mortgage loan or need help leveraging your home’s equity you should consider a multiple collateral mortgage loan. With this type of loan you can put up multiple properties as security for your mortgage. This type of mortgage loan is an extremely useful tool in that it allows those who own more than one property (or even a friend or family member’s property) to obtain a mortgage loan.
How does it work?
In order to get approved for a multiple collateral mortgage loan you either need to have a second property you can leverage or have a friend or family member who is willing to leverage their own property. If a friend or family member is willing to provide a second form of collateral they will have to go through the same approval process as you. If your mortgage loan is approved, both parties become equally responsible for the loan.
When is it the Right Choice?
Multiple collateral mortgage loans are a great tool that can benefit a wide variety of borrowers, including:
- Those who have limited access to credit and are cash poor but equity rich.
- Those with financial issues who are trying to get approved for their first or second mortgage.
- Those looking to use their home’s equity to get the cash they need.
- Those looking to tackle high interest credit card debt.
- Those who need cash for home improvements or other large projects.
The great thing about multiple collateral mortgage loans is that they are a highly customizable solution. You’ll work side by side with a private lender who is willing to see beyond any past financial mistakes and help you achieve your future financial goals. And while this type of mortgage loan is definitely valuable to those with limited credit, anyone can benefit from a mortgage loan with multiple collaterals.
Get Started Today
If a multiple collateral mortgage loan seems like it might be the solution you’ve been looking for, then get in contact with us right away. We’ll help guide you through the process and make sure you’re matched with the best possible private lender.