Anytime your money is involved you need to know the answers to ALL of your questions. This is especially true with Arizona hard money. If you’re thinking about an Arizona hard money Mortgage, you need to gather as much information as possible. Listed below are a few FAQs to Arizona hard money Mortgages.

1. How do I get approval for an Arizona hard money Mortgage?

Getting approved is easy! Lenders don’t base your eligibility on credit score, employment history, or current income. In fact, you don’t even have to provide any financial information. All your lender needs to know are the logistics of your property. Hard money Mortgages are strictly equity-based, so you have quite a bit of leeway when it comes to eligibility.

2. What LTV (Mortgage to Value) ratio can I expect?

This number will be based on quite a few factors and determined on a case-by-case basis. However, as a general rule, most LTVS will be anywhere from 65% to 80% of the value of the home. This number can fluctuate greatly, but this is a good base to go off of.

3. What are the costs of Arizona hard money Mortgages?

All hard money Mortgages are going to require a Title policy, insurance, and appraisal. These services do cost money–even up to a couple thousand dollars. Often times though, this will only cost a few hundred dollars. Most hard money lenders will not charge application fees or closing costs, so, by the time you even find the lender you want to use, most of the expenses have already been taken care of.

4. Do I have to put money down?

Most of the time, you do. Lenders need to feel confident in their investment, so they need to see that you have enough resources to cover the costs of the Mortgage. Expect to pay a little bit out of pocket until the project is completed, but nothing that will break the deal.