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Hard Money Home Equity Loans: Understanding Bad Credit Loan Consolidation
Hard money equity loans in the prevailing market are loans at a premium mortgage rate to the borrower in exchange for a "no red tape" 2nd mortgage loan. The money may be used by the lendee for whatever purpose they chose so long as the equity in the property or collateral provided is sufficient to cover the loan.
The term hard money loan initially meant a loan for hard cash. Today the term has been enhanced to cover loans for non-conventional loans such as investments, private funded loans, home equity loans and equity line of credit loans. Now it is possible to refinance your primary mortgage to get cash, consolidate debt and purchase investment properties instead of a taking out a purchase loan as a non-owner occupied investment property.
A maximum loan on property owned by the borrower is called a cash out loan. The borrower has a loan to value, which means the loan on the property, or collateral used is equal to the value of the property or collateral used to secure the loan. This type of loan has a higher interest rate than the A paper home equity loan that has a fixed rate around prime.
A home equity loan is one type of loan available for a hard money cash out loan. The Payment option negative ARM is another good 1st mortgage for investment properties if the borrower is looking for a short-term loan or if being self-employed has created some cash flow concerns.
A negative ARM mortgage calls for the payment of interest only on the loan. If the interest for a period is not paid in full the balance is added to the mortgage. The end result is an increased mortgage balance and a loss of equity in the property used for collateral. As the mortgage balance increases, the interest on the mortgage loan increases even though the interest rate remains the same. If both the loan balance and the interest rate increase, the property owner may be forced to sell or the loan may be foreclosed.
A home equity lender may require all or some of the following items before making a hard money loan.
1. A clear precise description of the property
2. Home Title to collateral
3. Borrower must show expertise in the field the loan will be used in
4. Mortgagor must accept all lender terms unconditionally
Because the interest rates are higher, and state laws may vary, borrowers should examine all ramifications before considering hard money loans.
Mary is an acclaimed free-lance writer who created many useful mortgage related articles You can read more mortgage related loan articles at Hard Money Home Equity Loans. To get more second mortgage advice & home equity finance tips, please visit Stated Income Home Equity Loans and Second Mortgage Refinance Loans.
More Useful Resource and Updates on 1st mortgage home loan
- Consumer Loan Rates (The Springfield News-Leader)
Springfield financial institutions quoted the following rates Friday for home equity, auto and boat loans. The home equity rate is based on a $10,000 loan or line of credit with applicable points included. Rates are variable unless otherwise noted. Additional fees are not included. The auto loan rate is based on a 48-month contract for a new car. The boat rate is based on a loan for a new boat.
- Bernanke urges action to halt foreclosures (Reuters via Yahoo! News)
Federal Reserve Chairman Ben Bernanke on Thursday urged more aggressive steps to halt home foreclosures and said government-funded programs could help strapped homeowners.
- Opening the tap on home equity (Austin American-Statesman)
Borrow before credit line is frozen, some suggest. Many homeowners who have taken out home equity lines of credit have learned in recent months that these loans are not as useful as they initially seemed.
- (AFX UK Focus) 2008-12-04 16:30 Bernanke - need to do more to halt foreclosures (Interactive Investor)
WASHINGTON, Dec 4 (Reuters) - U.S. Federal Reserve Chairman Ben Bernanke on Thursday urged more aggressive action to halt home foreclosures, and said write-downs of principal may need to be part those efforts. "Despite good-faith efforts by both the private and public sectors, the foreclosure rate remains too high, with adverse consequences for both those directly involved and for the broader ...
- Fixed-rate trap snares 43,000 home owners (Sydney Morning Herald)
MORE than 40,000 unlucky people have been caught out in a fixed mortgage rate trap, having taken out their loan at the highest fixed interest rates in a decade, denied any saving from the recent cuts and confronting costly break fees if they decide to refinance.
- Five Home-buying Myths (Carteret County News-Times)
(ARA) - As first-time homebuyers grow curious about the home-buying process, they often turn to friends and family for advice about purchasing a home. While these sources can provide useful tips and information, they also may perpetuate some common home-buying myths.
- Kiwibank Responds To OCR Cut (Scoop.co.nz)
Kiwibank has reacted immediately to the cut in the Official Cash Rate by reducing all home loan rates. The bank is now offering a one-year fixed rate of 6.49% p.a. and a variable rate of 7.45%.
- Proposal could drop mortgage rates to 4.5 percent (San Jose Mercury News)
If Treasury Department approves plan, said one mortgage broker, 'We would have everybody and their brother who had equity in their homes coming to refinance. That would be an amazing influx of loan applications. It would keep things going for a long, long time.' Rates drop to 11-month low Bernanke: More foreclosure help needed Real estate news | Economic crisis news
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- 1st Home Mortgage
... 1st Home Mortgage. Whether you are purchasing a home, refinancing ... 1993 and our loan officers have experience in any type of loan you are looking for. ...
- 1st Choice Mortgage - Home Page
1st Choice Mortgage has helped thousands make new home purchases, lower their rates, consolidate their debts, and make home improvements. We believe there is a loan ...
- First Priority Mortgage Inc.
... buyer, building a new home, or simply looking to consolidate ... Our friendly, professional loan officers have the tools and the energy to make it happen. ...
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