The differences between an Arizona hard money lender and a bank.
The differences between these two types of lending options are vastly different. I would bet that most of you are more familiar with a bank and the functions it provides than you are with a hard money lender. So let me give you a basic definition. An Arizona hard money lender
is a company who lends money that is known as a specialized type of real estate. Hard money lenders are individuals or companies who have a lot of money in store so they can lend out money to those who qualify for a Mortgage. They are actually becoming quite popular. They are meant to be more short-term than long-term.
One of the main differences between a bank and a hard money lender is the guidelines and restrictions they put on their Mortgages. Arizona hard money lenders typically charge higher interest rates (12%-20%) than banks do, while as banks tend to charge less. Also, hard money lenders offer anywhere from 6 months to 24 month Mortgages depending on some key factors. keep in mind that not every hard money lender is the same, but rather they can vary slightly.
How to apply–Arizona hard money lender.
The process for applying for an hard money Mortgage is quite easy, but it can be very tedious. The paperwork you will need to provide is your W2’s and or your tax returns, your most recent pay stubs, and your bank statements. One thing to remember when applying for a Mortgage, the faster you can turn in the information, the quicker you can get approved. It would also be wise to avoid prepayment penalties at all costs. Be sure to ask you Arizona hard money lender any questions you stand unclear of whenever the opportunity presents itself.
If you think that you cannot qualify for a hard money Mortgage because of your bad credit, think again! That’s right! Hard Mortgages accepts those who fall into this category. They are also good for investors who do not have a lot of money and want to build up their equity. Find out more today about how you could apply for a hard money Mortgage by contacting a hard money lender local representative in your area.