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