A hard money refinance loan is a loan backed by a private investor or investment firm. Hard money loans are meant to be a shot term solution and as more Americans slide towards foreclosure they may be forced to turn to a hard money refinance to save their homes.
Refinancing with a hard money loan is a a good option for home owners that are facing foreclosure. These loans fund very fast and can save your home from being auctioned off. Refinancing with a hard money loan is also a good alternative for home owners that have a credit score that does not allow them to refinance with a conventional or Sub Prime lender The credit score cut off for Sub Prime lending is 500, after you dip below a 500 credit score your options are severely limited and a hard money loan is usually the only option left.
Interest rates for hard money loans are usually in the 10-18% range and will vary greatly from lending investor to lending investor. One of the things that stays generally consistent is the amount of equity needed in your home. Hard money lenders will in most cases only lend to 65%-70% of the homes appraised value, this of course will also vary with investors and your particular geographic area. Hard money lenders will charge points to the borrower, These points are another way a hard money lender makes their money. Average points for a residential loan is 5-7 points. 1 point is 1 percent of the loan amount, this can get quite expensive on larger more expensive homes.
While the interest rates and fees will be considerably higher then a conventional or sub prime loan a hard money refinance does offer credit troubled home owners a short term solution to save their homes or pay off debt.
Learn More about Hard Money Refinance and Sub Prime Loans
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Article Source: http://EzineArticles.com/?expert=Darin_Sewell
Wednesday, September 12, 2007
Home Mortgage Refinance Rates Vary By Borrower
It may be rare to find a home mortgage refinance rate as low as the original mortgage, but with a little bit of research it may be possible. Many homeowners may have bought their home during a time when money for home loans was plentiful and during a downturn in the economy, the money may not be as freely available. When this occurs, the prospect of finding an adjustable rate mortgage is also unlikely.
In order to get out from under an adjustable rate mortgage, many seek to refinance their existing mortgage, using the home’s equity as collateral for the loan with a fixed rate. However, several factors may be used to determine the home mortgage refinance rate available for each individual borrower. Additionally, the mortgage company may have many stipulations on any refinancing loans they offer.
There are numerous companies offering a home mortgage refinance rate at a fixed mortgage and many advertise low rates. However, they usually have attached disclaimers that the loans at that rate are for persons with an impeccable credit history that usually do not need their services in the first place. Those that have a less than stellar credit report will be paying more in interest.
External Influences On Interest Rates
There are times when the location of a home can influence the home mortgage refinance rate. Regardless of a person’s credit history, if the lender deems the location of the home is in an area considered to be blighted, they may be reluctant to loan money for refinancing for any cause. Their reasoning may be that with the neighborhood going downhill, the value of the property will surely fall with it, making the value of the property considerably less than when it was first purchased.
Many times if money is available for homes in a so-called bad neighborhood, it will have a considerably higher home mortgage refinance rate than similar homes in other areas. The condition of the home will also play into the availability of loan money, even if the loan is for home improvements. The lender may determine the home mortgage refinance rate charged for a loan in that area may send the payment out of reach of the borrower.
Unfortunately, there are a few companies that practice predatory lending practices, loaning money with a high home mortgage refinance rate, knowing ahead of time the borrower will end up defaulting on the loan. When the house goes into foreclosure, the lender will try to buy it at auction to resell it over and over again, using the came practices.
Richard Henderson runs his own internet marketing business in Las Vegas. Check out these great Home Refinance articles and resources or the more general Personal Finance Articles and advice.
Article Source: http://EzineArticles.com/?expert=Rich_Henderson
In order to get out from under an adjustable rate mortgage, many seek to refinance their existing mortgage, using the home’s equity as collateral for the loan with a fixed rate. However, several factors may be used to determine the home mortgage refinance rate available for each individual borrower. Additionally, the mortgage company may have many stipulations on any refinancing loans they offer.
There are numerous companies offering a home mortgage refinance rate at a fixed mortgage and many advertise low rates. However, they usually have attached disclaimers that the loans at that rate are for persons with an impeccable credit history that usually do not need their services in the first place. Those that have a less than stellar credit report will be paying more in interest.
External Influences On Interest Rates
There are times when the location of a home can influence the home mortgage refinance rate. Regardless of a person’s credit history, if the lender deems the location of the home is in an area considered to be blighted, they may be reluctant to loan money for refinancing for any cause. Their reasoning may be that with the neighborhood going downhill, the value of the property will surely fall with it, making the value of the property considerably less than when it was first purchased.
Many times if money is available for homes in a so-called bad neighborhood, it will have a considerably higher home mortgage refinance rate than similar homes in other areas. The condition of the home will also play into the availability of loan money, even if the loan is for home improvements. The lender may determine the home mortgage refinance rate charged for a loan in that area may send the payment out of reach of the borrower.
Unfortunately, there are a few companies that practice predatory lending practices, loaning money with a high home mortgage refinance rate, knowing ahead of time the borrower will end up defaulting on the loan. When the house goes into foreclosure, the lender will try to buy it at auction to resell it over and over again, using the came practices.
Richard Henderson runs his own internet marketing business in Las Vegas. Check out these great Home Refinance articles and resources or the more general Personal Finance Articles and advice.
Article Source: http://EzineArticles.com/?expert=Rich_Henderson
Florida Mortgage Loan
I know there are lots of people out there who have a Florida mortgage loan and are under pressure with how they are going to be able to deal with the current situation that’s happening in Florida. Are you a person who don’t know if you are going to be able to stay on top of the bills? Is your Florida mortgage loan an adjustable rate mortgage and is your payment going to go up soon? I know that sound grim, but you are not alone and there are many options out there that will make a difference in your situation.
Most Florida Mortgage loans have been so easy to get for many people over the last couple of years. Florida mortgage rates have been extremely low making you want one. Florida homes have been going up in value like crazy. Well now in Florida it’s time to pay the price for some homeowners. When it comes to Florida mortgage loans most ways have become harder for Florida homeowners. Most Mortgage companies rates are higher than the past couple of years, homes are not appreciating in value like they once did. Florida mortgage loans are going into foreclosure at a fast pace.
So, the big question is what to do now. Well in Florida we need to be a little more artistic. One of the first things you need to do as a Florida homeowner is not to worry about the interest rate. If you have been on the search for the best Florida mortgage rate then you might be making a big mistake. Did you know that I can actually raise a homeowner’s rate and still save them thousands of dollars. This is all because as a homeowner what you really should be paying attention to is what is going to allow you a low overall monthly payment and what Florida mortgage loan is going to the financial freedom you deserve.
So many people that I speak with just care about what you can offer them for a new rate. I have found this to be true throughout every state and it is something that needs to change when it comes down to a Florida mortgage loan. If you are too concerned about what the mortgage rate is then you may miss your train on a big opportunity to save yourself lots of money.
Troy Francis is a mortgage loan officer for Dedicated Mortgage. Troy has several years as a mortgage professionals and has helped hundreds of homeowners in several states that we are licensed in. Please, feel free to contact him anytime if your looking for a refinance, home loan, home equity and much more.
Troy Francis is author for century mortgages. Please feel free to use this article for your use. We only ask you kindly leave our link active: http://www.centurymortgages.org
Article Source: http://EzineArticles.com/?expert=Troy_Francis
Most Florida Mortgage loans have been so easy to get for many people over the last couple of years. Florida mortgage rates have been extremely low making you want one. Florida homes have been going up in value like crazy. Well now in Florida it’s time to pay the price for some homeowners. When it comes to Florida mortgage loans most ways have become harder for Florida homeowners. Most Mortgage companies rates are higher than the past couple of years, homes are not appreciating in value like they once did. Florida mortgage loans are going into foreclosure at a fast pace.
So, the big question is what to do now. Well in Florida we need to be a little more artistic. One of the first things you need to do as a Florida homeowner is not to worry about the interest rate. If you have been on the search for the best Florida mortgage rate then you might be making a big mistake. Did you know that I can actually raise a homeowner’s rate and still save them thousands of dollars. This is all because as a homeowner what you really should be paying attention to is what is going to allow you a low overall monthly payment and what Florida mortgage loan is going to the financial freedom you deserve.
So many people that I speak with just care about what you can offer them for a new rate. I have found this to be true throughout every state and it is something that needs to change when it comes down to a Florida mortgage loan. If you are too concerned about what the mortgage rate is then you may miss your train on a big opportunity to save yourself lots of money.
Troy Francis is a mortgage loan officer for Dedicated Mortgage. Troy has several years as a mortgage professionals and has helped hundreds of homeowners in several states that we are licensed in. Please, feel free to contact him anytime if your looking for a refinance, home loan, home equity and much more.
Troy Francis is author for century mortgages. Please feel free to use this article for your use. We only ask you kindly leave our link active: http://www.centurymortgages.org
Article Source: http://EzineArticles.com/?expert=Troy_Francis
North Dakota Refinance Loans – Using Online Resources to Refinance Your Loan
Refinancing is a big decision. There are many different things you will need to consider before determining that a North Dakota refinance loan is right for you. If you want to make the research process quick and easy, try using some of the many online resources that are available to refinance your loan.
Refinance Articles
If you aren't familiar with refinance loans, the first thing you will want to do is read some of the refinance articles that can be found around the web. Learn the difference between adjustable rates, fixed rates, interest only, and balloon refinance loans, find out the pros and cons of long terms and short term loans, and much more. By reading up on the subject, you can make an informed decision when it comes time to choose a North Dakota refinance loan package.
Refinance Calculators and Rate Reports
Points, rate changes, and lending fees can affect how much your North Dakota refinance loan will cost you. To get help crunching the numbers, you should take advantage of some of the refinance calculators that can be found online. These calculators can help you determine which refinance loan options will be affordable and which ones won't.
To find out what rate you might be paying, you can also check out the various rate reports on the web. Do it frequently, as rates on refinance loans in North Dakota are dropping. The current average for 15-year refinance loans is 5.76 percent. A week from now, it could be even lower.
Online Pre-Qualifications
Just because you think you can afford a specific refinance loan package, it doesn't mean that lenders will think the same way. An online pre-qualification can help to eliminate any doubts. There are currently many different lenders who specialize in North Dakota refinance loans offering this no obligation service.
Visit North Dakota Lending Center to see our Top 3 Refinance Lenders Servicing North Dakota, whether you are looking for home purchase, refinance or a home equity loan.
Article Source: http://EzineArticles.com/?expert=Jane_A._Hale
Refinance Articles
If you aren't familiar with refinance loans, the first thing you will want to do is read some of the refinance articles that can be found around the web. Learn the difference between adjustable rates, fixed rates, interest only, and balloon refinance loans, find out the pros and cons of long terms and short term loans, and much more. By reading up on the subject, you can make an informed decision when it comes time to choose a North Dakota refinance loan package.
Refinance Calculators and Rate Reports
Points, rate changes, and lending fees can affect how much your North Dakota refinance loan will cost you. To get help crunching the numbers, you should take advantage of some of the refinance calculators that can be found online. These calculators can help you determine which refinance loan options will be affordable and which ones won't.
To find out what rate you might be paying, you can also check out the various rate reports on the web. Do it frequently, as rates on refinance loans in North Dakota are dropping. The current average for 15-year refinance loans is 5.76 percent. A week from now, it could be even lower.
Online Pre-Qualifications
Just because you think you can afford a specific refinance loan package, it doesn't mean that lenders will think the same way. An online pre-qualification can help to eliminate any doubts. There are currently many different lenders who specialize in North Dakota refinance loans offering this no obligation service.
Visit North Dakota Lending Center to see our Top 3 Refinance Lenders Servicing North Dakota, whether you are looking for home purchase, refinance or a home equity loan.
Article Source: http://EzineArticles.com/?expert=Jane_A._Hale
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