Mortgage House Offers Niche Solutions for Specialty Loans
In lending, three categories exist, conventional, non-conforming, and specialty loans. Here we focus on the specialty loan details offered by Mortgage House.
- Several individuals in unique circumstances qualify for a specialty loan such as:
- Individuals who cannot obtain LMI
- Have poor or little credit history
- Previously rejected for a mortgage
Other individuals qualify for a specialty loan too. For example, a small business owner, freelancer, and gig worker has limited financial documentation. A low doc loan is an alternative to a conventional mortgage for them. It accepts low financial documentation and different forms of collateral as security against the home loan.
What is a Specialty Loan?
Specialty loans are those that cater to individuals who don’t qualify for the 30-year fixed-rate mortgage. They also don’t qualify for a conventional car loan. Since they pose a risk, they can receive a loan at a higher interest rate. In addition, it may have an introductory fixed-rate or variable-rate period.
Debt consolidation loans fall into the specialty loan category.
How Do I Apply?
To apply for a specialty loan, contact Mortgage House. The application process is the same as applying for a conventional loan. After analyzing your application, our loan specialists outline your options. In some cases, your financial circumstances qualify you for a conventional loan. Otherwise, our team guides you to the best loan product for your financial goals.
Mortgage House Specialty Loans Conclusion
Individuals interested in obtaining mortgages that fall into specialty loans can contact Mortgage House. We offer several options. Get in touch with our loan specialists today.