A Hard Money Loan is secured by either the property you purchase or another property you prefer.
Hard Money loans are short-term only, with rates a little bit higher, but they are easier to qualify for than prime mortgages. Those with no time for financing shopping or not eligible for a prime loan can apply for a hard money loan in Miami-Dade, Broward, or Palm Beach.
You do not need a perfect credit score to qualify for this type of mortgage. Your credit score is no longer the direct criterion to approve the loan. The collateral used to secure the loan is a more significant qualification factor.
Those with low scores can often apply for hard money loans even after being turned away by the prime lenders.
Prepayment penalties with hard money loans are familiar but as low as six months of interest guarantee. Call Us Invest Financial – Mortgages in Spanglish and ask!
Qualification requirements are less rigid, the paperwork and time needed to process the application are significantly reduced.
If you do not meet the qualifications for a prime loan or need specifically short-term financing, then a Hard Money Loan is for you. Also, ideal for business people who cannot prove income traditionally.
This type of loan is the favorite option for investors who want to fix and flip. If you are approved for a Hard Money Loan, your credit could improve over time because the payments for this loan are a great way to boost that score and eventually qualify for conventional financing.
You have questions about Hard Money Loans, and Us Invest Financial – Mortgages in Spanglish have the answers. Please call us to get the answers you need in English or Spanish or start the application process here below.
We look forward to matching you with the Loan Mortgage that fits your needs.
