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Click ‘Get Form’ to open the Hard Money Loan Application in the editor.
Begin by filling out the 'BORROWER INFORMATION' section. Enter your name, date of birth, Social Security Number (SSN), and contact details including phone and email.
Proceed to the 'PROPERTY INFORMATION' section. Provide the property address, legal description, lock box code, title company details, and requested close date along with financial figures such as purchase price and estimated cost of repairs.
In the 'ASSETS' section, list your bank accounts and their balances to give a clear picture of your financial standing.
Complete the 'EXPERIENCE' section by indicating your real estate investing experience and any current projects you have underway.
Fill out the 'BACKGROUND INFORMATION' section honestly regarding citizenship status and any past financial issues.
Finally, review the 'ACKNOWLEDGEMENT & AGREEMENT' section before signing. Ensure all information is accurate as it will be used for loan processing.
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Another way to describe hard money is actual physical currency. In such a case, hard money would represent coins made out of precious resources, such as platinum, silver, and gold.
How does a hard money loan work?
Hard money lenders are not required to report loans to credit bureaus (Equifax, Experian, and TransUnion). Some lenders may choose to report the loan, while others may not. If the lender does report the loan, it will likely appear on your credit report as a tradeline, which could impact your credit score.
What is a hard money loan in mortgage?
They are generally money from an individual or company and not a bank. A hard money loan is a way to raise money quickly but at a higher cost. Because hard money loans rely on collateral rather than the financial position of the applicant, the funding time frame is shorter.
Do hard money loans hurt your credit?
In essence, these loans are generally short-term loans. Interestingly, hard money loans are the easiest loans to qualify for, but they are called hard because the lender only looks at the underlying hard asset, which is the property that is collateral on the loan.
How to get approved for a hard money loan?
Hard money loans offer a non-traditional financing option with faster closings and more flexibility than traditional bank loans. To increase chances of getting approved, borrowers should pay off debts, provide up-to-date financial documentation, and show employment/asset documentation.
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Your lender may ask you to provide a down payment of 10% to 30% (or more) on your hard money loan. Generally, the stronger your credit and financial qualifications, the less of a down payment youll need to provide. However, a larger down payment may help you access better rates and terms.
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