Speaking of difficult mortgages, we refer to those mortgages where the client does not have savings to meet expenses associated with the loan or even to pay the entrance of the house, in most cases we also find people who do not have of collateral.
Other common problems that can arise when asking for a mortgage may be the lack of justification to file our income or meet any list of debtors in these cases to get a mortgage is really difficult in a traditional bank for that must go to financial reason we manage the mortgage or other sources of funding.
In these cases of hardship we can go to financial, but always bearing in mind that the interest payable will be higher than in a bank or savings bank. For example if we are in a list of defaulters must first lend them money to pay the debts and then start the mortgage process, in this case, the lender would lend us the money with few guarantees and this is reflected in fees and higher interest rates than normal .
We’re talking about mortgages difficult when we want to fund any of the aforementioned difficulties, or when we ask for 120% mortgage of the appraised value of the house or even 100% financing because banks do not currently provide over 80 %.