February 2015 – Hard Money | Contact MCG, Inc.

February 23, 2015
Shawn Molem
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Finding the Best Home Loan in California

California is among the best areas in US to live and people always look to buy property here. Hence, California home loans are always available to meet the requirements of homebuyers.

California mortgage rates are becoming popular with time, so it is very important to know more about California home loans.

Before applying for a home loan, you should always consult with a Loan Consultant. Your Loan Consultant can explain to you about the interest rates and the different loan packages available.

Following are the few questions you should ask while applying for any loan package:

What is the interest rate of the home loan?
How much money you will have to pay per month for all closing expenses?
Whether it is fixed rate, ARM or variable rate?

February 17, 2015
Shawn Molem
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FAQs of Refinancing a Residential Mortgage in California

Category : Residential Loans

When refinancing a mortgage there are a lot of questions that need to be answered for you. The following points are the answers to some of the questions you might have.

What is APR and Interest Rate? What is the difference?
The interest rate is what tells you how much the California mortgage lender will charge you for borrowing the money for the loan. The interest rate does not include points and it does not include closing costs for the loan either.
The APR on the other hand, Annual Percentage Rate, is a more genuine representative of the loan coast and is what you will want to use to compare the real cost of the loan. The APR consists of the percentage of the annual cost of the loan such as the interest rate, the points (not included in the interest rate), as well as the closing cost of the loan.

What is the time frame for recovering the costs of refinancing a mortgage?
The point of refinancing the mortgage is to reduce your interest and have lower monthly payments; you will end up paying for the closing costs before all this happens. So how do you know how long before you will recoup the money? What you want to do is divide the complete cost of the refinance by the post-tax monthly savings.

When and why should I refinance?
When you should refinance your mortgage? Typically, it is when the interest rates are at their best. Why? Typically, people refinance a mortgage in California to reduce monthly payments, switch from an ARM to a more predictable fixed-rate mortgage, or reduce the length of your mortgage.

February 2, 2015
Shawn Molem
0

Fundamentals and basic information about hard money loans

Category : Hard Money Loans

Loan companies are required to be more innovative when the credit is not as good. The companies that provide Private or hard money loans are easily available in comparison to the traditional bank loans. The hard money lending companies are neither inexpensive or no threat as hard cash advance loans perform an essential requirement for loan companies and property shareholders when credit is inflexible to come by. Hard money loans can turn out to be really helpful if tackled properly.

Importance of Hard Money Loans:

Hard money loans are very common and helpful when your credit condition is not as good. Various other expert property owners opt for hard money loans, as it consumes less time to process. Hard money loan lenders do provide a purpose to those who want cash quickly.

Different types of hard money loans:

Bridge loans:

As the term says itself, these loans “bridge the gap” between times when financing is needed. This type of loan can be used by both corporations and individuals and can be customized for many different situations. For example, let’s say that a company is doing a round of equity financing that is expecting to close in six months. A bridge loan could be used to secure working capital until the round of funding goes through. In the case of an individual, bridge loans are common in the real estate market. As there can often be a time lag between the sale of one property and the purchase of another, a bridge loan allows a homeowner more flexibility.

Equity Loans:

A home-equity loan is basically a line of credit secured by your home. When the line of credit is drawn down, the financial institution providing it places a second mortgage loan on your home until the loan is paid off, after which you can use the loan to finance other purchases. However, if the loan is not paid off, your home could be sold to pay off the remaining debt. Interest rates on such loans are usually adjustable rather than fixed and lower than standard second mortgages or credit cards.

Monthly Archives: February 2015

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Finding the Best Home Loan in California

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FAQs of Refinancing a Residential Mortgage in California

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Fundamentals and basic information about hard money loans

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