National Family Mortgage Passes $75 Million in Peer-to-Peer Mortgages
BOSTON, MA — (Marketwire — March 25, 2013) — National Family Mortgage, America’s leading online solution for peer-to-peer home loans between relatives, today announced that it has facilitated over $75 million in total loan volume since launching in late 2010. National Family Mortgage’s safe and easy to use online documentation platform with automated payment processing allows consumers to invest in their own family members, entirely bypassing the broken banking system.
Eighty five percent of the company’s loans are between parents and their adult children. With average annual returns of 3.25%, National Family Mortgage has helped keep over $34 million of interest payments within U.S. families. Lenders earn better returns than from traditional banking products, while borrowers save tens of thousands of dollars in interest payments and loan origination fees.
“National Family Mortgage is empowering families to build their own bank. We allow consumers to customize their own loan and use our technology to transfer wealth, prevent tax problems, and protect relationships,” said National Family Mortgage CEO, Timothy Burke. “All of our loans are secured by registered mortgage liens – the IRS standard for the home loan interest deduction.”
How are families using National Family Mortgage?
Fifty four percent of borrowers report using their intra-family mortgage loan to help purchase a home. Typical use cases include: (A) down payment loans secured as second mortgages, (B) one hundred percent cash financing, and (C) seller financing.
Forty six percent of borrowers report using their low-interest family loan to either refinance an existing bank mortgage, or to complete a home improvement project.
What makes National Family Mortgage different?
Real estate loans and financial gifts with relatives can be a win-win for both sides, but should be documented properly. National Family Mortgage helps minimize the legal and federal tax consequences that can occur when family real estate loans and financial gifts are documented improperly – or not documented at all. Monthly loan payments can be automatically deducted from borrowers and credited to lenders – expectations are clear, relationships are protected, and IRS tax reporting is simple.
Is it easy to setup a loan with National Family Mortgage?
Absolutely. A traditional home loan application can takes weeks of work and waiting with no promise of approval. Lenders or borrowers can easily start their intra-family mortgage loan with National Family Mortgage online at https://www.nationalfamilymortgage.com. National Family Mortgage is an accredited member of the Better Business Bureau and proudly offers a money-back guarantee.
About National Family Mortgage
National Family Mortgage is an online peer-to-peer lending company committed to offering consumers alternatives to traditional and costlier forms of home financing. National Family Mortgage has developed a safe and easy way for families to structure real estate loans with their relatives – thereby helping people arrange affordable loans, while reducing tax issues, protecting relationships, and keeping money in the family. National Family Mortgage has originated over $75 million in loan volume since inception, while keeping over $34 million in interest within families. With interest rates that are typically lower than rates charged by a bank, National Family Mortgage allows consumers to take major steps toward achieving their dreams with help from family, while saving thousands of dollars.
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