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Hard Money Loans - Reasons Why You Might Want To Try Applying With A Subprime Mortgage Lender

Before you apply for a hard money loan, try applying with a subprime mortgage lender first for lower rates and fees. Hard money lenders charge excessive fees to high-risk borrowers, but will only lend 50% to 75% of the value of the property. On the other hand, subprime lenders offer loans to similar high-risk groups, but with better terms.

Lower Rates

Subprime lenders specialize in B, C, and D class loans. Even with a bankruptcy in your financial records, you can still be approved for a mortgage with a subprime lender. To protect themselves from the higher risk of foreclosure, subprime lenders charge a couple of interest rates higher with additional fees.

Hard money loans are funded by private individuals, who require high interest rates somewhere between 12% to 18%. This is nearly double what a reputable subprime lender would typically charge. You can also expect to pay higher fees upfront with hard money lenders.

Reasonable Terms

Subprime lenders offer mortgage loans similar to that of traditional mortgage lenders. You can expect regular payments and terms, such as no early payment fees. Subprime lenders also require smaller down payments, even zero down if you have a FICO score of 600.

However, hard money lenders may require a balloon payment in one to two years or other difficult terms. Hard money lenders also require as much as 50% of a down payment for the loan to ensure they will make a profit even if they foreclose on the property.

Refinancing Option

Subprime lenders also offer refinancing, unlike hard money lenders. Many subprime lenders will automatically offer refinancing after three years of regular payments so you can reduce your mortgage interest rates or tap into equity. Hard money lenders are interested in high profits, so they will only deal with high interest rates and terms profitable to them.

The Reason For Hard Money Loans

Hard money loans have their place in the financing world. Primarily used for property speculation and development, hard money loans make sense for short-term borrowing. They can also be successfully used for purchasing non-traditional properties such as ranches, where the property value is not realized by a traditional bank.

MORE RESOURCES

Housing Wire

Obama pressures Congress on mortgage refinance program Fox News WASHINGTON – President Obama is rallying support for his plan to expand government assistance to homeowners, pressuring Congress to help lower lending rates for millions of strapped homeowners. Obama, in his radio and Internet address Saturday, ... President Obama's Mortgage Refinance Plan Just a Bid for VotesYahoo! Contributors Network Obama Unveils Mortgage Refinance EndeavorsMortgageorb Obama to Announce New FHA Mortgage Refinance ProgramGo Banking Rates Housing Wire -MarketWatch -CBS Moneywatch all 1,239 news articles »

MonitorBankRates.com

Mortgage Refinance Rates: 15 Year Refinance Mortgage Rates at 3.29% MonitorBankRates.com Mortgage refinance rates on 30 year conforming home loans are averaging 3.98%, unchanged from yesterday's average 30 year mortgage refinance rate. Mortgage refinance rates today on 15 year home mortgage loans are averaging 3.29%, down from yesterday's ... and more »

Fox News

Obama Proposes Mortgage-Refinance Plan Wall Street Journal By NICK TIMIRAOS President Barack Obama called on Congress during Tuesday's State of the Union address to approve new legislation that would give all homeowners who are current on their mortgages the opportunity to refinance at record low mortgage ... Obama proposes mortgage refinance programPolitico (blog) Will Obama's Mortgage Refinance Plan Be D.O.A.?U.S. News & World Report Obama proposes new mortgage refinance programHousing Wire Daily Caller all 314 news articles »

International Business Times

FOX 11 News Discussion: State of the Union MyFox Los Angeles And he aimed a pitch at homeowners, announcing a new mortgage refinance program with "historically low interest rates" that "gives every responsible homeowner the chance to save about $3000 a year on their mortgage." He added, "A small fee on the ... Winning Words, But Not a WinnerU.S. News & World Report Obama State of the Union 2012: Mortgage Refinance Changes Face ObstaclesInternational Business Times all 12,250 news articles »

CBS Local

Six Questions on Obama's Mortgage Refinance Proposal Wall Street Journal (blog) By Nick Timiraos President Barack Obama said Tuesday night in his State of the Union address that he would send a plan to Congress to allow all homeowners who are current on their mortgages to refinance. Here's a quick look at the proposal: How is this ... Obama plan could help refinance Bay Area mortgagesSan Francisco Chronicle all 19 news articles »

Anchor Bancorp Wisconsin Inc. Announces Third Quarter Results MarketWatch (press release) Revenues in the quarter ending September 30, 2011, were unfavorably impacted by a $5.1 million impairment charge on the capitalized mortgage servicing rights asset due to lower interest rates and the resultant mortgage refinance activity. and more »

KOMO News

Living large? Get the best rate on your jumbo mortgage refinance NASDAQ If you buy apparel from "big and tall" clothing stores, you're used to paying more and having less to choose from. "Regular guys," on the other hand, benefit from a wider selection of products and more competition between retailers. Mortgage Interest Rates Move Higher: 15 Year Mortgage Interest Rates at 3.34%MonitorBankRates.com all 113 news articles »

AgedLeadStore.com to Add 1100000 Aged Mortgage Refinance Leads Middle East North Africa Financial Network COM, January 26, 2012 ) Baltimore, MD AgedLeadStore.com is increasing its value for its customers by adding 1.1 million aged Mortgage Refinance Leads in February. This is important as many people depend upon their ability to refinance to make progress ...

High Volume Stock Movers: Bank of America, Sprint, Cisco, Annaly, Sirius Feb. 8th Wall St. Cheat Sheet By Derek Hoffman Bank of America Corp (NYSE:BAC): The US's Home Affordable Refinance Program has increased mortgage refinance applications and strained capacity at Bank of America, leading the bank to ask some customers to wait 60 to 90 days, ...

New HARP Could Help Up to 6.7 Million NASDAQ Other changes to the program were designed to make it easier for homeowners with private mortgage insurance (PMI) to refinance or to obtain a HARP mortgage refinance with a lender other than their current mortgage servicer. In addition, new limits were ... and more »

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