pot-o-gold.jpg

Bad Credit Mortgage Lenders - Things You Should Know About Private Lenders

Interest rates and fees vary between private money (hard money) lenders just like regular mortgage lenders. Just because you have bad credit, that doesn’t mean you should accept the first financing offer from a subprime lender. Take the time to do your research, and you can make sure you are getting the best deal in terms of interest rates and fees.

It’s A Service

Private money lenders take risks that the average bank refuses, namely loans to people with bad credit. As a result, subprime lenders charge higher interest rates and fees to ensure they make a profit even with the higher rate of loan foreclosures.

Compare Online

The best way to compare interest rates and fees of private lenders is to go online. You can get a straight answer on rates and fees from a number of lenders by entering your information online. When you are comparing between lenders, remember to enter the same information for each lender so you are getting a quote for the same risk level.

Rates And Fees Vary

Interest rates and fees can vary as much as 5% between private hard money lenders. While a few dollars a month may not seem much, over years this can mean the difference of thousands of dollars. You should also compare closing costs and other fees in the financing package which can also add up to hundreds of dollars.

Apply Online

Once you have compared companies and found the best lender for you, you can finish the process by applying online. Mortgage lenders will process your information and send out the paperwork for your final approval and signature. The whole process can take a matter of 10-20 days.

Read Your Paperwork

Whether you are refinancing or buying a home, make sure you know what type of deal you are getting into by reading the paperwork the lender sends. If you have any questions, you can contact the lending company by email or phone. You can also take the paperwork to a lawyer to get their opinion. You should be comfortable with all the terms before you sign.

Online private lending companies means people with bad credit can now find reasonable mortgage loans without relying on goverment or wallstreet lenders.

HardMoneyLeads.com Inc.
PO Box 5928
Concord CA 94524
(800) 606-3105
___________________
Hard money and private money lenders in the following cities are now accepting loan requests:

Dallas, TX, Seattle, WA, Los Angeles, CA, Chicago, IL

 

Mortgage News

Mortgage Stories
Free mortgage stories widget by Bankrate.com
© 2018 All information in this site is deemed reliable but is not guaranteed and is subject to change | Powered by vFlyer Website Builder