According to the Mortgage Bankers Association, nearly a quarter of a million home owners face foreclosures every three months, across America. Sixty percent of the effected families wish that they knew better about the mortgage they were dealing with. Still, it’s never too late to understand your options in case of a foreclosure. Hard Money [...]
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Can I Get A Hard Money Loan and Then Refinance to a Conventional Mortgage On A Foreclosure Property?
A hard money loan is a type of asset-based loan, which is usually provided by a private lender, oftentimes an individual. Terms vary between lenders, are usually more specific and strict than with conventional lenders, and they often come with high interest rates. Typically, a maximum of 70% of the home’s market value will be [...]
Hard money loans are specialty loan products, only taken on by investors who are willing to invest in high risk loans. The loan to value ratios are low, the interest rates are higher, the points or fees are typically much larger than other mortgage loans, and these types of loans are often due and payable [...]