Hard Money Loans in Long Beach, California Hard Money Lender

Long beach-California. Refinancing Hard Money Lender

This article is meant for California Mortgage borrower who refinanced their home through hard money lender and now wish to come out and refinance through a proper bank or lending channel. The article is NOT intended for those borrowers who are looking to refinance through hard money lender as we are not aware of any.

Typically Hard money lenders are private individuals with high net worth who are looking to help mortgage borrowers whose documents are not in order and capitalize by giving almost double the rate of interest that exist in the market and are keen only if the borrower has 50% to 60% equity in home. 

So if you are a California mortgage borrower who had to seek help of hard money lender and now wish to be helped through a California mortgage expert. You have come to the right place.Below will help you prepare to understand how a conventional refinance is different from hard money lender refinance.

Hard money lending is rather very quick because they are hardly interested in looking at various documents. The mortgage is done n the premise of equity in your house so that if you are unable to repay the house will be sold and the money will be realised. Where as in case of conventional refinance. Your income, asset, credit report and home value shall be looked into to make an assessment of risk before qualifying you for mortgage. Two years of history of employment and income must be in shape on papers before looking at conventional refinance.It will take 3 weeks to get the mortgage done. The borrower must be patient to provide all the documents asked by the underwriter.

The closing cost is not as high as it was in case of hard money lender. Your credit score and credit report shall be looked into. Your mortgage background of past two years will need to be considered to check if you were ever behind o your mortgage in past two years. Borrowers should make sure that the above is in order and speak to his California mortgage expert to help him with refinance.

For more information visit www.affordable-payment.com or call 323-705-3191 if you are a California Mortgage borrower or If Texas Mortgage Borrower call 713-463-5181 EXT 154. You can even e mail at roger@affordable-payment.com

Article by Roger Shanker 

Long beach Mortgage Refinance?

Long Beach CA Mortgage Rates - Find Home Loans in Long Beach

Long Beach a beautiful city. If you are a resident of long beach then you understand that it’s amongst the most expensive cities to live in California.Homes are beautiful and people like to make a statement with their homes. Average income is higher than most other cities in California that is because life style expenses are high in Long Beach. Fannie Mae and Freddie Mac typically provide loan limit of 424k however for long beach it’s much higher because home loan amount on an average exceed the loan limit of 424k in long beach.If you are looking to refinance your home. You need to be talking to a Long beach Mortgage Expert who’s familiar with local market and knows about the city. This is important because the Long Beach Mortgage Lending experts are aware of the issues typically local borrowers are facing and challenges in the city.

Someone with knowledge of local demography does give an edge and helps break the ice between the borrower and the mortgage expert.Long Beach Mortgage borrowers have many options to choose from. They should be aware that cost of refinancing amongst other states is the lowest in California.

A general trend about what product cannot be given off hand to anybody because mortgage products are designed based on borrower’s requirement his mortgage scenario and how he wants to manage his overall finances.

However to give an overview to what is going on in the market. Home prices have climbed back. If you have a credit score of 720 or 740 plus. You have Lowest Mortgage rates available to you like 3.5%.Where mortgage scores are not that good. You have choice of an FHA loan where credit scores do not determine your interest rate.However there is a difference between an FHA loan and Conventional loam and which one would suit you would be based on what really goes in your favour.

The best would be to seek help of a Long Beach Mortgage expert/ Long Beach Mortgage Lender or a Long Beach Mortgage broker.

If one is a mortgage lender he would have a few choices to present and if one is a mortgage broker he would have products from nay banks and lenders to choose from which means more flexibility and options to chose from borrower’s perspective and if you speak to mortgage expert. He will be able to guide you if a bank is better or broke is better and how one should manage his mortgage payments.

For more information visit www.affordable-payment.com or call 323-705-3191 if you are a California Mortgage borrower or If Texas Mortgage Borrower call 713-463-5181 EXT 154 

Article by Roger Shanker