My Parents Helped With Our Commercial Mortgage
My parents had always wanted me to marry a farmer, and in April of last year they got their wish. I married a farmer and we bought a farm that was located about ten miles from my parent’s farm. The whole process of purchasing the farm took forever and if it were not for my parents help, it may have never happened.
When my new husband and I started looking for a home with a farm to purchase, we first applied for a commercial mortgage loan; we were turned down because we did not have any credit. I had heard of people being turned down before, because of bad credit, but not because of any credit.
The commercial mortgage advisor that we talked to told us that the mortgage rates for someone in our situation would be outrageous unless we could find someone to sign on to the mortgage also and they would be responsible for the repayment in case we defaulted.
The commercial mortgage loan advisor suggested that we ask our parents. I knew that my parents would do it so we asked and they agreed. We were assured to qualify for much better mortgage rates with their help, which would keep our payment more affordable.
I advise anyone who is thinking of applying for a commercial mortgage loan, to check out their credit first and see if you will need someone to help you so you know what you are getting into.
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