When you have a bad credit record the lender sees this as a pattern, and decides it is riskier to lend to you than extra people. If they choose to still lend to you, they raise the interest rates according to how much of a risk they feel they are taking. To make sure agreement [...]
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A hard money loan is a loan that is privately funded, usually by companies that specialize in real estate. They give short term real estate loans to people to people (including people who may not be able to get a traditional mortgage) with the purpose that the purchaser fix up and sell the property for a profit. There are many ways that a hard money loan may differ from what most people expect from a real estate loan, but that is the major way, a private money loan is not intended for purchasing a home to live in.
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 [...]