A portfolio mortgage lender makes loans then holds those loans in their investment portfolio rather than selling them on the secondary market. Portfolio mortgage lenders are most often smaller institutions such as community banks. Large, trade-driven institutions do not have as much incentive to hold onto a loan for its entire life cycle. Once we locate a portfolio loan, you will benefit because:
- The terms are often more flexible because the lender is looking to establish a long term relationship with you.
- There is less predatory lending from individuals looking to make a commission on their work with you then dump the debt.
- You can use the same lender for future loans once you have established a good relationship.
Portfolio mortgages require documenting your income with out using tax returns. a 12 month bank statments would show the avrage deposit in your account and can be used as doccumented income. You can also use multi accounts to gross avrage your income.
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