{"id":2083,"date":"2024-04-24T18:05:52","date_gmt":"2024-04-24T18:05:52","guid":{"rendered":"https:\/\/mymortgagepros.com\/?p=2083"},"modified":"2024-04-24T18:05:58","modified_gmt":"2024-04-24T18:05:58","slug":"understanding-bundle-mortgages-pros-cons-and-how-they-work-with-mortgagepro-ltd","status":"publish","type":"post","link":"https:\/\/mymortgagepros.com\/understanding-bundle-mortgages-pros-cons-and-how-they-work-with-mortgagepro-ltd\/","title":{"rendered":"Understanding Bundle Mortgages: Pros, Cons, and How They Work with MortgagePRO Ltd."},"content":{"rendered":"\n
Are you in the market for a mortgage but finding it difficult to qualify with conventional lenders? If so, you might want to consider a bundle mortgage, particularly one offered by MortgagePRO Ltd. <\/a><\/strong>Bundle mortgages, also known as piggyback mortgages, combine a first and second mortgage on the same property, providing financing solutions for those with less-than-perfect credit or other qualifying issues.<\/p>\n\n\n\n Here’s a closer look at bundle mortgages and the pros and cons associated with them, as well as how MortgagePRO Ltd’s bundle mortgage<\/a><\/strong> products can help you secure the financing you need.<\/p>\n\n\n\n Bundle mortgages are a type of financing arrangement where a borrower takes out two mortgages simultaneously on the same property. The first mortgage typically covers 50-75% of the property’s value and comes with lower interest rates and fees. MortgagePRO Ltd.<\/a><\/strong> offers competitive rates and a less rigorous qualification process for this portion of the mortgage, making it accessible to borrowers with not so good credit.<\/p>\n\n\n\n To achieve a higher loan-to-value (LTV) ratio of 80-85%, MortgagePRO Ltd.<\/a><\/strong> tops up the first mortgage with a Private Lender Inc. second mortgage. These second mortgages, sourced from Private Lender Inc.’s<\/a><\/strong> own funds or from it’s private individual investors, come with higher interest rates but are available to borrowers with less-than-perfect credit and with a relatively straightforward qualification process. Rates and fees for the second mortgage depend on factors such as the borrower’s credit score and income, but not as disqualifying factor.<\/p>\n\n\nUnderstanding Bundle Mortgages<\/strong><\/h4>\n\n\n\n