Getting Hard Money Loan
Hard money loan is the loan lending based on equity of the home. If you are looking for this loan, you must have sufficient equity earned to qualified for the loan. The loan to value ratio is at 65%. That's mean if your home worth $50,000, you will probably get the loan amount at $32,500.
In order to acquire the loan, here are some useful tips provided for your reference and action :-
1) Shop for multiple lenders online, there are many reputable lenders such Bank of America, Wells Fargo banks and etc are offering this loan type. Get them to quote for you at same amount and term.
2) Lenders have provided many useful tools such calculators or software on their websites . Use them to calculate the overall interest cost and loan tenure.
3) Make a comparison among the lenders, from the rate, terms and conditions, you will able to select the best offer. But remember to keep others as a back up, some lender may withdrawn their quotation due to economy crisis, company financial situation.
4) Try to negotiate with potential lender about their rate, terms, penalties, late charges and etc. Some of the lender might have a special reduction or discount to their customer due to market competition and your good credit score and record.
5) Read and understand all details stated in the agreement. Make sure the interest rate, terms and condition, penalty are all according to the quotation made.
For more information about other loans, please check out Various Loans Guide instead of Hard Money Loan Advice
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