![]() |
|||
![]() |
Hard Money Mortgage Refinance & Equity Loans When Lenders Turn You Down Because of Bad CreditBy: Maria Nyce Hard money loans, also known as private money loans, are home equity driven mortgage loans funded by private investors and companies using their own money secured by a real estate trust deed, eliminating the common qualification and underwriting guidelines of prime (regular) and sub-prime (bad credit) lenders. "There are private investors who, if the interest rate is high enough and the perceived risk is low enough, they will put the money up," says Pam Strickland, owner of Mortgage Consulting Services in Santa Barbara, Calif. These investors, typically called "hard money lenders", make loans to people who are being turned down due to these and other reasons:
"These are temporary fix loans. That's all they are--to help people get out of a bad situation," says Kirk Johnson, a mortgage broker with Sierra Funding Corp. in Denver. How much equity do you have? If you don't have at least 30% equity, you probably won't be able to get a loan because hard money lenders want to make sure they can make money off your property if they have to foreclose. Hard-money lenders are harder to find than other lenders, so how can someone get a hard money mortgage? Brokers and other intermediaries who arrange hard money loans "go to people who have money to lend and they match them up with people who can't get money any other way," Strickland says. If you have low credit scores and need a cash-out refinance for debt consolidation, a home equity loan (second mortgage) to pay off debt, or you need a last resort foreclosure prevention solution, you may be able to get a bad credit mortgage refinance or second mortgage from a hard money lender. You'll probably pay double-digit interest rates, but a hard money mortgage may be able to provide the breathing room you need to rebuild your credit and refinance again later on. Maria writes loan articles for many publishers online. Please visit these helpful loan websites that Maria recommends: To get a no cost rate quote for a hard money 1st mortgage, please check out Hard Money Mortgage Loans. If you need more loan advice about refinancing with Bad Credit, take a look at Bad Credit Second Mortgages. For the latest home equity solutions, please visit the Poor Credit Home Equity Loans. More Home Equity Information |
||
Home Equity Loan Quote Refinance Quote Debt Consolidation Quote Second Mortgage Quote Home Purchase Quote Cash Out Home Equity Loans Debt Consolidation Home Equity Adjustable Rate Home Equity Fixed Rate Home Equity Interest Only Home Equity Home Equity Loan Refinance 125% Home Equity Loan Home Equity Lending Home Equity Bad Credit Home Equity Finance No Equity Home Loan Determining Mortgage Interest Rates Comparing Mortgage & Home Equity Loan Quotes Hard Money Mortgage Refinance Loan Programs Home Equity Loans for people with less than perfect credit No Income Verification Home Equity Home Equity Credit Lines Home Equity Lenders Process ![]() Cash Out Mortgage Refinancing Cash Out Home Refinancing Mortgage Refinancing with Bill Consolidation Mortgage Refinancing Adjustable Rate 30 Year Fixed Rate Interest Only Mortgage Finance ![]() Mortgage Rates Mortgage Rates Interest Only Home Equity Loan Rates Second Mortgage Rates Mortgage Refinancing Rates Debt Consolidation Loan Rates Adjustable Mortgage Rates 30 Year Fixed Rates Home Equity Interest Rates
Defining Home Equity Loans |
|||
![]() Mortgage Calculator FAQ Glossary Company Profile ![]() Contact Us Loan Process Mortgage Resources Home Equity Resources Second Mortgage Resources Refinancing Resources |
|||
Why Tax Deductible Home Equity Loans Provide Quick Cash Opportunities |