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Hard Money Lending & Private Mortgage Lending- How it Works

Private Hard Money Lending explained. The first in a series of short videos about hard money investing, borrowing and brokering from Trent ...

Hard money, fast money: When a good investment won't wait | Mortgage Rates, Mortgage News and Strategy

Financing for flippers

Sometimes a good investment won’t wait. You have the chance to buy an ugly but sound house, make some easy improvements and flip it fast for a 25 percent gain. Those opportunities don’t come around every day. But you’re competing with cash buyers! How do experienced investors buy fast without paying all-cash? With “hard money.”

See mortgage rates for real estate investing here (Dec 22nd, 2018) What is hard money?

So-called “hard money” comes from private lenders, people or groups of people who put their money up for short-term borrowing. Many believe that these loans are just for non-prime borrowers, people who can’t get approved for financing from cheaper, mainstream sources. But that’s not true.

The biggest users of this kind of financing are property investors. They might have a line of credit to purchase homes at auction. Or pay cash first, then refinance to get their money back to rehabilitate the property or buy more flips.

Are you Ready to Buy a Home? Tips to Ensure You’re Financially Prepared

As 2018 comes to an end, you’re probably starting to think about your resolutions and plans for the new year. For some, buying a home may top that list, but it’s important to remember that “wanting” to buy a home and “being ready” are two completely different things. If you’re hoping to become a homeowner in 2019, getting your finances in order is a must, and there’s no better time to start than now.

Here are some expert tips to help ensure you’re financially prepared to make your homebuying dream a reality in the coming year.

Know Your Credit Score

Credit is key to buying a home. Why? Because your credit score has a direct impact on your mortgage interest rate. The higher the score, the lower the rate.  

When it comes to credit, most lenders look at your FICO score. FICO stands for the Fair Isaac Corporation, a company that developed a method for calculating credit scores based on information from credit reporting agencies. Your lender will pull a combined mortgage credit report from the three major agencies and use the middle number as your official FICO score for determining loan qualification. For the best possible rate, experts say your score should be above 740, but there are conventional loan programs that accept scores as low as 640, and some government-backed loan options that go as low as 580.