Monthly Archives: December 2014

Hard Money – Is it really hard to get?

Hard money isn’t really hard, rather it is the best option for you to choose if you are looking for a much simpler way to get a loan. Hard money is typically the easiest money to get.

There are hard money lenders that may ask for complete information about the borrowers or a few may get ready to lend the money by just knowing the basics of the borrowers. The assets on which the hard money lenders are lending money on is of utmost importance for the hard money lenders.

They are taking their security based upon the assets, not necessarily based upon the borrowers. That’s where they get the terminology “hard” because they lend money that is based upon the hard assets.

The two most important things that one should know about hard money are:

The hard money loan is not a signature loan:

You say, please give me a signature loan. I have good credit scores, job, work history. I am really going to get a loan without any collateral and there are no hard assets. That’s called a signature loan, where you don’t have anything that you are tying your security to it. That’s not hard money.

That’s something that you should ask your bank to do and your bank is going to look at your credit, job history and all kinds of stuff and they are going to determine based upon you, not based upon your collateral because you don’t have any.

The hard money loan is not a Title loan:

Hard money loan is also NOT a title loan. Typically, a title loan is like if you have a car and your car is clear and you want some money of that. You go, give them your title and they’ll give you some money based upon that. Then, you will pay them off down the road.

That’s the title loan and has nothing to do with hard money loans. Hard money lenders have nothing to do with cars or anything else like that.

That’s kind of the differences when it comes to hard money lenders. There are business hard money lenders and real estate hard money lenders. You will be going to make sure if it’s tied to real estate, then you need to work with a real estate hard money lender.


Frequently Asked Questions about VA Mortgage Loans.

Category : Home Loan

Q: My parent is a veteran. Can I obtain a VA loan if I have not served in the military myself?
No, the VA loan benefit does not extend to a veteran’s children.

Q: What is required to prove my record of military service?
Veteran or former National Guard activated for Federal Active Service, your DD214; for active-duty, a Statement of Service from your commanding officer; discharged National Guard, never activated for Federal Active Service, either NGB Form 22 or 23.

Q: My spouse who has passed away was an eligible veteran. Am I eligible for the home loan benefit myself?
A surviving spouse is eligible if they have not remarried, and the eligible veteran died during active-duty service or as a result of a service-related disability.

Q: Is a VA loan better than a conventional mortgage?
In many cases, yes. VA guaranteed loans often offer a lower interest rate than conventional mortgages, unlike conventional and FHA loans, they do not require monthly mortgage insurance when borrowing more than 80% of a home’s value, and getting approved can be easier than with other loan types.

Q: How long does it take to get approved for a VA loan?
It varies depending on the current workload of your lender, but it is typically the same as for conventional mortgages. An approval to purchase can come in as little as 2-3 days. Once you’re in contract to purchase, the closing process will take anywhere from 3 weeks to 45 days.


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