4 December 2008 - by admin
Hard money commercial loans should only be considered after the borrower has done an extensive amount of research with other sources such as banks and conventional lenders. Borrowers should submit their file to at least 10 of these traditional sources (or have an experienced broker run the file) before they consider hard money.
Why? Hard money is very expensive. Market rates are currently 15% interest only with 6 points on the front of the loan. And the term is normally short at 12 – 36 months. Read the rest…
4 December 2008 - by admin
Various factors are what build up your home equity loan rate. Banks, Financial Institutions and lenders pay more attention to how much you are looking to liquefy and whether or not you will be able to pay the loan back. These are only some of the main factors that determine your future rate. However, there are some solutions you can apply even if you don’t have much equity available for cash-out or are considered as a bad credit labeled consumer.
Do you have the Time to Improve Credit Ratings?
If you have a low credit score you may want to improve your credit ratings before applying for the HELOC or Home Equity Loan. Bad credit ratings have a substantial negative impact on the rates you are quoted. Read the rest…
