Perhaps you have less than perfect credit or documentation problems. Maybe you are self-employed and short on funds. Or maybe the banks just keep turning you down for a loan. Whatever your situation, a hard money loan can be the solution you need. Most hard money loans are used to fund projects of a short duration, lasting anywhere from a few months to a few years. Although interest rates are typically higher than with other loans, a hard money loan can be a lifeline for distressed borrowers facing the prospect of foreclosure or bankruptcy. Although it offers significant advantages over bank-financed loans, a hard money loan is only a temporary fix and will need to be refinanced down the road. We’ve got four good options for refinancing your hard money loan.
The Fixed Mortgage Option
Many hard money loans are taken to either purchase a property or keep from losing one. If your hard money loan is property-related, you may want to consider refinancing with a fixed mortgage. A fixed mortgage is a good long-term solution and locks in your interest at a low fixed rate.
The Subprime Lending Option
Subprime lenders work with those who don’t qualify for traditional loans. If you have a low credit score or a high debt to income ratio, a subprime lender may be able to offer mortgage options such as an adjustable-rate mortgage or an interest-only mortgage.
The Home Equity Loan Option
If your hard money loan was not intended to finance your home, it may be possible to use your home’s equity to pay off the loan balance. Sarasota Home equity loans provide low interest rates and a fixed payment schedule.
The Cash Advance Option
If the value of your hard money loan was small, a cash advance loan could be a good option for you. Although the interest rates will be higher than with other options, a cash advance loan can help you avoid impending deadlines for large balloon payments.
For more information on Florida Refinance with Bad Credit contact one of our Ft Myers Private Investors today at (813) 368-9919 or simply shoot us an email: ahlhardmoneyresources@gmail.com! We are now serving Sarasota, Tampa, and the surrounding Bradenton areas!
