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Vice-president of marketing and sales for Circle Lending Jim Smith states that the most requested mortgage loans are by far for Real Estate purposes. Buying a home is the goal everyone wishes to reach at and, with the help of relatives and friends, it shouldn’t be a problem to become a homeowner. Why? Because Real Estate prices in particular for first-time homebuyers are so high. So this is the way of buying a house when you might not, otherwise, be able to or buying more house than you qualify for.
Circle Lending is a Boston based company specialized in managing mortgage loans between relatives and friends as well as private parties. Jim Smith says that the purpose of creating Circle Lending was to help people formalize person to person loans by providing a variety of services to make their mortgage transactions as secure and efficiently as possible. Smith encourages first-time homebuyers to borrow an entire amount of money from one or more relatives for a down payment loan and getting it as a first mortgage loan from a bank: The bank of Mom and Dad.
Intra-family loans sound like a very easy way to get the money you need to buy a home in Miami, but what if you lose your job or any other type of unexpected event knocks on your door? Jim Smith explains: “One of the most important services Circle Lending offers is that in this type of situation we will work with the borrower and lender to keep the loan on track. There are a number of different ways you can do that and that you can’t do with a traditional mortgage. You might decide to take one interest payment and spread it out for the next twelve payments for instance. Or, you can say that you are going to go through a period where you might not have a job for five months so the loan payments interest can be lower, or can be added after the five months period or whenever you say you’ll be on track again. When the lender agrees, we always have the flexibility of making those changes during the course of the mortgage”.
Jim Smith also says that the key to buy Real Estate in the current market is “financing”: “What we see now is that there is an up-taking seller financing because there are houses that stay longer in the market, there are more homes for sale and people are looking for ways to differentiate their homes in order to get the prices they want. So, financing opens up the market to additional buyers that might have limited credit history in order to qualify for a larger mortgage to make the transaction happen, and when financing, it can be through”.
Circle Lending also works with Real Estate Agents. “We do work with Real Estate Agents who introduce Circle Lending as a way to help transactions close. That might be when a lender or any seller is going to take back the mortgage in order to make the transaction happen or when the borrower has to qualify for a financing to close on the property and needs to borrow a certain amount from a relative”, Jim Smith said.
Circle Lending is proud of providing people a complete free guide to seller financing, borrowing intra-family mortgage loans, personal loans and small business loans. First-time home buyers can get an interest rate that is lower than any bank can offer and structuring a repayment schedule that works for you to buy the home of your dreams. And, additionally, your family relationship will be intact and protected.
By Adriana Rubio-Felap-
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