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Originally Posted by devilsfan
No problems qualifying. We've always gone with bank financing in the past because of the stability of banks. We got a good deal with Bank of America, but we've been offered slightly better deals (3/4 %) with 2 private lenders who specialize in jumbos. I was wondering if there are any negatives with going with a private company versus a bank - ie, if the company folds, is bought out, etc.
Stacy
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Stacy in your first question you said private mortgage company , and in another you said private lender. I just wanted to say , make sure your dealing with a licensed in your state "private mortgage company". If you go with a "private lender" as in a person, you run more risk of getting hosed. If you did go with a private lender "person" make sure your attorney reviews the contract. You dont want some language in the contract that slyly says if the lender gets a hair across there ass they can call the note for no reason. I am not a banker , but i have done alot of loans for deals and been to the school of hard knocks. Good luck.
