Houston Hard Money Loans We often get asked “What is a hard money loan?”. Often this is a great financial option for many individuals, but many people don’t know enough about hard money loans to make an informed decision on whether or not to get one.
At Noble Mortgage, we offer the best Houston hard money loans. We believe it is a great way to get money quickly. After years of experience extending this type of loan to individuals all over the nation, we have compiled a list of benefits so you can determine if this option fits your needs!
Fast and Easy
Getting a conventional loan through the bank can take months. It requires a lot of paperwork, and the lender’s underwriting department has strict approval processes. The longer this takes means you can lose out on that potential dream home you wanted to purchase as you wait to get approved.
The time you waste dealing with banks to get a conventional loan could cost you a lot of money in the future. Someone could purchase the investment house wanted to buy. Get a hard money loan instead of a conventional one for investment properties. You will get your loan faster and not waste time.
Credit Does Not Matter
If you have bad credit, then this loan is great for you. Sometimes you do things that ruin your credit. You don’t want this decision to haunt you for the rest of your life. Thankfully there is a loan out there that does not take your FICO score into account.
As long as you have collateral to cover the loan such as a house, car, certificate deposit accounts, or anything of value then you can get a loan. Lenders do not require you to have a good credit and often do not even look at that when processing your paperwork for a hard money loan.
Perfect for Real Estate Investments
Often for real estate investments you need fast cash because you need capital to remodel an investment home so you can sell it to make a profit. A hard money loan is the best financing option for individuals interested in real estate investments. You get the loan for a few months while you renovate the house. Then, when it is ready to sell on the market, you can make your profit and pay off the loan without prepayment penalties.
The interest rate is higher. However, people typically will not pay much in interest since most people who get these loans sell the property quickly. Often you get your money faster and pay less in interest and fees. Also, this type of loan allows you to make cash offers on properties with ease. Most of the time cash offers help you buy the house for much cheaper. So hard money loans let you save a lot of money in the long-run.
Requires Less Paperwork
Conventional loans require you to submit a lot of paperwork. With hard money loans, you submit less and sign less when you get approved. This saves a lot of confusion, hassles, and headaches.
Those are just a few amazing pros of hard money loans. It is easy to see why people have many questions about these types of loans and need guidance on their journey to find the perfect financing option for them. If you want to learn more about Houston hard money loans
or have any questions about other options, please contact us! You can call us at (713) 680-8100 or fill out our short form to get a consultation. Our goal at Noble Mortgage is to help you with quality financial options.]]>