Hard Money Loans Arizona: Do I Need One?
Five Things to Know About Arizona Hard Money Mortgages
August 3, 2013Your Mortgage Service Center
August 3, 2013
The economy used to be better. We can say that. It’s the truth. Things used to be easier, like getting a loan from the bank, for instance. That used to be a lot easier. One could simply walk in and walk out and have everything they needed to flip the house they’ve had their eye on for quite some time.
But that’s since changed.
Now if you want to flip a house, you better have the best credit because that’s how you snag a bank loan. But it doesn’t have to be that way. What would you do if your dream is to flip a house but your credit is down?
This isn’t a problem if you’re an investor with cash. Private money lenders Arizona want to help you flip your house.
While hard money lender Arizona loans are a little pricier interest-wise when it comes to paying back the Arizona hard money loans, it is worth it because the loans are not credit-based, but instead based on the property that you want to spruce up. It’s as simple as that. Your credit score is never checked. There aren’t a ton of papers to sign. Simply get the property appraised and start renovating.
Arizona hard money lenders are here to help you so you don’t have to struggle through a project. When you get Hard Money Lender Arizona to help you out, you are cutting out all the difficulties and you are, maybe most importantly, cutting out the wait. You can start working on your home faster with an Arizona Hard Money Lender.
However, as wonderful as an Arizona hard money loan is, remember that this is still a loan, so financial responsibilities are still very much a part of the payment plan. Be candid and realistic not just to yourself, but to the private money lenders about how long you think your project will take. For example, don’t take a three-month loan term if you believe it will take you four months to do the rehab on a home. Give yourself enough time to pay off this loan! And don’t be afraid to ask for an extension on your Arizona hard money loan if you need it.
