Credit History Score

WAYS TO ESTABLISH GOOD CREDIT HISTORY SCORE: Part-1

Having a good credit history score is good, no matter what is your financial goal, but the very first step of mortgage home loan is credit history score. When you will apply for the mortgage with the loan application, your lender will look after some factors. The credit score is one of the important factors which your lender will check to approve the mortgage home loan.

The credit score is single number made up of all your credit history. It is also known as FICO® credit score. While giving an approval, credit history score will help your lender to determine your creditworthiness. This is same for other loans which everyone generally required like the car loan, credit card and many more. The factors on which credit score is based upon:

Payment history – 35%
Debts owed – 30%
Length of credit history – 15%
New credit accounts opened – 10%
Healthy mix of credit (credit cards, loans, etc.) – 10%

WHY GOOD CREDIT HISTORY SCORE MATTERS

Buying a home is not just about choosing a perfect home for your future. You have to be prepared for the biggest investments you will make throughout your life. When you will apply for a home loan, your lender will check few details to ensure you can afford the monthly installments or not. If you have the good credit score, then your lender will happily approve your home loan. If you have bad credit score then it will be difficult for you, but that doesn’t mean it is impossible, you can improve your credit history score easily.

HOW TO ESTABLISH GOOD CREDIT

There are many ways to build a good credit score, but it will take the time it can’t happen overnight. You can start building your credit whenever you will feel like because it’s never too early to start as the sooner you will do, it will easy for you to buy a home. In this article, we will discuss some methods for building a strong credit history score.

CHECK YOUR CREDIT HISTORY SCORE

The first thing you should know is your credit score. You can check your credit history score at annualcreditreport.com. You can also check with bureaus like TransUnion, Experian, and Equifax. The credit report will also show the errors which are listed. And if you want to improve your credit score, it is good that you have the errors on which you have to work.

MAINTAIN LOW CREDIT BALANCES

While it’s good to have open lines of credit, you want to be mindful of the debt balance you’re carrying. If at all possible, it’s best to pay off your credit card balances in full each month.

You can maintain low credit balance by maintaining your debt balances. You can pay off your credit card balances in full each month, this will lead to maintaining a low debt-to-income ratio as you are very responsible for utilizing your credit lines. The lender will check your debt-to-income ratio and they will only approve when you have less than 43%. If you will maintain a low credit card balance, it will help you to build your credit score.

PAY MORE THAN THE MINIMUM

While paying off the credit cards they have the minimum amount which you can pay off monthly, but if you want to make a large payment then it will give importance to your creditworthiness. It means that you will chip away at your debt balances very quick and you will end up paying off with less interest over time.

FINAL THOUGHTS

By following all these steps, you will be on a right track to build your credit history score or to improve your credit score. In the next article, we will discuss more steps. If you will need any help, you can contact us at (818) 322-5626. We know that sometimes people have a harder time getting a home loan. That’s why we offer multiple different alternative financing options. You have to be careful and avoid making any costly mistakes. Our competitive rates, efficient services, and talented team can help ease the process of the home loan.

We help our customers every step of the way. We prioritize informing and educating our clients about the home buying process. Our client’s happiness and confidence upon closing a deal reflect our excellent quality services. 3CALoan local mortgage broker provides no tax return home loan which is also called no tax return, without tax return, without tax return, private hard money home loan, private hard money loan, bank statement home loan, bank statement loan, equity loan and many more. If you still have any doubt, you can contact us at (818) 322-5626 or (818) 3CA-Loan today and our specialists will be in touch promptly to answer your questions. We will run you through the details of home loans and hold your hand throughout the process. We only have one aim of helping people first.

Real Estate Blog Directory blogville iBegin

tiwikleAugust 13, 2018February 13, 2020

First Time Home Buyer USA

TIPS FOR FIRST TIME HOME BUYER USA: 3CALoan

Buying a new house is an exciting and good investment. If you are first time home buyer USA, you should know where to start. It can be complicated and even scary for you. But if you know some tips, then you can buy your first home easily. In this article, we will discuss some helpful tips for every first time home buyer USA.

CHECK AND MANAGE YOUR CREDIT

When you will apply for a home loan, your lender will check few factors and they will also check your credit score. It is one of the important factors. The credit score is the number ranging from 300 to 850. Your credit score will base upon the factors like your payment history, types of credit used, outstanding balances, the number of credit inquiries you have done, and length of credit history.

By credit score, your lender will get some idea about your creditworthiness and the risk they will take by lending their money to you. The interest rate and type of loan will be based on your credit score. If you have the low credit score, it will be bad for you. And if you have the good credit score, it will better for you. If you don’t know about your credit score, you can find it on annualcreditreport.com by giving your details.

You can check the tips which we will discuss to improve your credit score. You can also ask your lender or a financial professional for advice to improve the credit score. They can answer all your questions and concerns throughout the process.

DETERMINE WHAT YOU CAN AFFORD

You should check at your monthly budget and take decision according to that budget. Your lender will qualify you for a dollar amount which you have applied for according to your debt-to-income ratio. They will explain you everything and they will also give a loan estimate which will show your estimated monthly payment. You have to make sure that the monthly payment will be comfortable for you or not. Just keep in mind that this monthly payment doesn’t include water, electric, cable, etc and also you should always take that amount which you can afford.

If you get to qualify for $200,000, but the home which you want to buy is for $175,000 that will be great for you. You will have smaller monthly payments and can save extra money or you can spend it somewhere else. While setting a budget, you can save money by cutting the spendings which is excess. For example, you can eat less from outside, Maybe you eat five or six meals a week, you can cut down to one or two meals a week. You will save less, but that savings will add up and become large.

START SAVING MONEY

Down payment is the factor which keeps people away from first time home buyer USA. Hard money loans require a down payment of 25-35%. The down payment for conventional loans is 20% to avoid PMI. There are many more home loans which offer less down payments to qualify. FHA loans only require a 3.5% down payment. For example, If the loan amount is $250,000 then only have to put down $8,750, but in the conventional loan, you have to put down $50,000. A VA loan is for active and retired military members. They offer favorable loan terms and you don’t have to put down any money that means 0% down payment. You can ask your lender about the loan options you have for a suitable down payment. Keep it in your mind that you will also need funds to pay closing costs.

You should save money for down payment whether you want to opt 20% down payment or 3.5%. When you will become a homeowner, you will also require funds for any maintenance or emergencies. You should have savings account for home-related expenses.

DON’T FORGET ABOUT CLOSING COSTS

Many loans offer low down payments and no down payment, but every loan has the term to pay closing costs. The closing costs are 2 to 6% of the purchase price. Closing costs include things like third-party fees, title and recording fees, escrow, loan-related fees, prepaids, mortgage insurance. You can negotiate the closing costs with the seller.

FINAL THOUGHTS

If you are first time home buyer USA, you can contact us anytime to take a home loan. When you are interested in buying a house and flipping it, getting a hard money loan for investment property is a good option. We know that sometimes people have a harder time getting a home loan. That’s why we offer multiple different alternative financing options. You have to be careful and avoid making any costly mistakes. Our competitive rates, efficient services, and talented team can help ease the process of the home loan.

Real Estate Blog Directory blogville iBegin

tiwikleAugust 10, 2018August 20, 2018

Hard Money VS Private Money

THE DIFFERENCE BETWEEN HARD MONEY LOANS VS PRIVATE MONEY LOANS: 3CALoan

Hard Money VS Private Money

When you are interested in investing in real estate, there are many things in which hard money and private money loans are good. Hard money vs private money loans is also good when you compare them to traditional loans like bank loans. If you have a bad credit score and you want a home loan to invest in real estate or to earn money from fix and flip project, you will be happy to know that hard money lenders and private money lenders don’t care much about the credit score. They are more concern about the capital you have. You have to put down 25-35% of the purchase price of the property in hard money vs private money loans.

HARD MONEY VS PRIVATE MONEY

These types of home loans tend to require payment in full within few years, so you should have some plan to earn profit from the project and pay back the full amount of the loan quickly. You have to pay a higher interest, but this shouldn’t be a deal breaker if you have a good plan to earn the profit on investment. Taking a hard money vs private money loans with bad credit will simple for you. These two types of loans are similar but it is very easy to understand how they are different. In this article, we will discuss how they are different and what you should know about them.

HARD MONEY LOANS

Hard money lenders in California are typically professionals. As they are professionals they have the proper licenses to fund the money to investors. They are easy to find because it’s their business to lend the money to the property investors like lending money to you. You can find hard money loan lenders through the professional directories and advertisements. They have to promote what they do. They also don’t need any negotiation skills to secure a loan.

Hard money lenders will determine itself that whether you are a good candidate to fund the loan or not because they are professionals. In most cases, hard money loan process is easier to manage, just like bank loans.

PRIVATE MONEY LOANS

You can choose private money lenders over hard money competitors and there are also advantages and disadvantages of choosing private money lenders. Private money lenders are difficult to find because they are private investors. These lenders don’t tent to advertise, so you can only find them through a professional intermediary of some sort.

If you will choose private money lender then you will gain almost every advantage of hard money loan and with all that you can also negotiate the terms of your investment deal with the lender.

FINAL THOUGHTS

By understanding the differences between hard money vs private money loans, you have the chance to select the option that’s right for you and your project. Though hard money loans and private money loans are very similar, as they are both loans are used for buying property. We know that sometimes people have a harder time getting a home loan. That’s why we offer multiple different alternative financing options. Don’t rush during the process and avoid the common mistakes with loans. Contact us and we’ll be happy to answer any questions! We offer multiple different alternative financing options. You have to be careful and avoid making any costly mistakes. Our competitive rates, efficient services, and talented team can help ease the process of the home loan. We help our customers every step of the way.

We prioritize informing and educating our clients about the home buying process. Our client’s happiness and confidence upon closing a deal reflect our excellent quality services. 3CALoan local mortgage broker provides no tax return home loan which is also called no tax return, without tax return, without tax return, Private money loans for real estate, private hard money loans, bank statement home loan, bank statement loan, equity loan and many more. If you still have any doubt, you can contact us at (818) 322-5626 or (818) 3CA-Loan today! Our specialists will be in touch promptly to answer your questions. We will run you through the details of home loans and hold your hand throughout the process. We only have one aim of helping people first.

Real Estate Blog Directory blogville iBegin

tiwikleAugust 9, 2018August 21, 2018

A Bad Credit Score

HOW TO GET A HOME LOAN WITH A BAD CREDIT SCORE: 3CALoan

It is very disappointing that for our nation’s colleges or high schools the basic classes in finance and accounting have yet to be added as compulsory coursework. Lessons like building credit, managing accounts, and balancing budgets are very important for financial success. Generally, youngsters don’t know much about the loans. They only know single lesson pertaining to saving money, property utilizing credit, spending wisely save for the future. Due to this after some time many adults try to pull themselves out of debts and learning how to improve the credit. They want to secure their business, home loans, or car with a bad credit score.

The traditional lender can approve the loan of these individuals only with the large downpayment and/or a high-interest rate. Most probably, they will not get approved by the banks. It is important for these individuals to learn about all of their options when they have a bad credit score and want to take a home loan. In this article, we will discuss few things that you should know while taking a loan with a bad credit.

IMPROVE YOUR CREDIT

Many people want to purchase a new home and want to start building an equity instead of paying rent. But they have a bad credit score which can take years to fix and till the time credit score will be good you can’t get a home loan. We can discuss something about having the traditional loan with a bad credit score. You can improve your credit score by cutting costs, paying bills on time, paying down debt, clearing up black marks on your credit report. If you are bankruptcy then your credit score will take several years to get improved. You can try some alternatives like FHA loans and private money loans in California.

FHA LOANS

The Federal Housing Administration (FHA), an arm of the U.S. Department of Housing and Urban Development (HUD). They are interested in helping the people with low-income and the families which are purchasing a home for the first time. These loans are made for people who have low closing cost, low down payments, and easy credit qualifying. This loan is also good for a people who are a first-time home buyer. To take this loan, you have to find an FHA lender first.

PRIVATE MONEY LOANS

If you didn’t get approves for a home loan from both subprime and FHA loans, then you can explore more options which will be perfect for you. You can try private money lender because they can help you better. Private money lenders are not associated with banks, they are private lenders. Generally speaking, private money lenders are interested to finance the home loan to a person who is investing in real estate rather than purchasing a primary property to live, much like hard money lenders in California and other states. For example, you can borrow the money from your family members or from your any friend. Private people are interested in helping you get into a home.

HARD MONEY LOANS

The investors see hard money loans as a type of short-term loans. By taking hard money loans, they have to pay the loan within 1-3 years. If you have a bad credit score, it will easy for you to take hard money loan than a traditional loan because you will pay more capital up front.

FINAL THOUGHTS

When you want to take the loan and have a bad credit score, hard money can be a flexible option for you. While working with hard money lenders, they could provide “cash in hand” which helps you to make a cash offer. But, you will still have to pay off the loan with interest when you will sell the home. When you are interested in buying a house and flipping it, getting hard money loans for investment property is a good option. We know that sometimes people have a harder time getting a loan like we have discussed above. That’s why we offer multiple different alternative financing options. You have to be careful and avoid making any costly mistakes. Our competitive rates, efficient services, and talented team can help ease the process of the home loan.

Real Estate Blog Directory blogville iBegin

tiwikleAugust 8, 2018August 21, 2018

Private Hard Money

COMMON MISTAKES TO AVOID WITH PRIVATE HARD MONEY LOANS: 3CALoan

When you didn’t get the loan from the traditional bank you can try private hard money loan. From last 10 years, the hard money lenders have risen 50%. There are many situations where your loan application might be not get approved by traditional loan lender. The situations are when you have bad credit, property risks, or any employment issues. In these type of situations, private hard money loan lender will be best for you. Private hard money loans may be a good choice for you even if you haven’t purchased the property. You can opt for private hard money loans while purchasing a property.

If you are planning to buy a home long before you need the home then you can try the traditional loan process. But when you find a great property unexpectedly then you have to make the purchase fast before someone else will purchase that. You will need the money fast to make an offer to the seller. If you need money fast then private hard money loan might be the only good option for you. In this article, we will discuss some common mistakes which you can avoid while opting for private hard money loans.

Not Getting PRE-APPROVED Before Signing the Contract

When you are thinking to do a large financial investment, it will be good for you to get pre-approved for a loan. You should not invest without getting pre-approved for a loan although many people sign a loan contract before getting their loan pre-approved.

Pre-approved is the process where you have to consult regarding the investment with a trusted lender like ARC Capital. By getting pre-approved, you will get a proof of funds letter to really fix the deal. And this letter will make sellers believe that you are serious about the deal.

If you will fail to do this, it could cause many problems for you. Imagine the seller accept your offer which you made on a property, only to then have your loan request rejected. This is one of the problems which nobody wants to face. Getting pre-approved is a very simple process. There is no obligation that if you get pre-approved then you have to move forward with the loan.

Being Unaware of Any Additional Costs, Fees, OR Penalties

While signing a deal, you should always read the fine print, it is same applicable while signing a private hard money loan. Nobody wants to make any mistake, also you will not like to pay any fees, costs, or penalties which you don’t even aware of.

What’s the loan-to-value ratio?

Do they charge a prepayment penalty?

Do they require a bi-weekly payment?

Not Knowing Exactly How Much You Need to Borrow

In the term of monthly payment private hard money, loans are different from bank loans. In bank loans, the monthly payment will be the way to pay back the loan. But in private hard money loans, the monthly payments which you will pay interest only and the loan amount will be still due for the end of the loan term. The more you borrow, the higher your monthly payments will be according to the interest rate. Just be careful about the amount which you are borrowing. You will struggle with the monthly payments if you will borrow more than you need. And if you can’t able to pay it in the future, your home can be foreclosed by the lender because the entire property was used as collateral. It is also important that you will not borrow less than you need.

Trusted officers like ARC Capital can help to better to calculate the correct amount you need to borrow. They will help you in every situation, whether you are interested in the fix and flip project or you want to renovate your house. There are some unexpected costs which may arise during the renovation. These expenses can exceed the loan amount, leaving you too cash-strapped to make the payments. And just because of this your project can go a longer than you expected. Before signing any contract, you should always consider the estimated cost which your contractor has given to you.

Final Thoughts

Ask about these things first before you proceed with a lender. This will help you avoid heartache down the line. There are many differences between a bank loan and a private hard money loan. When it comes to qualifying for financing, Hard money lenders are more flexible than bank lenders. While working with hard money lenders, they could net you the “cash in hand” you need to make a cash offer. But, you will still have to pay off the loan with interest when you will sell the home. When you are interested in buying a house and flipping it, getting a private hard money loan for investment property is a good option. We know that sometimes people have a harder time getting a loan like we have discussed above. That’s why we offer multiple different alternative financing options. You have to be careful and avoid making any costly mistakes.

Our competitive rates, efficient services, and talented team can help ease the process of the home loan. We help our customers every step of the way. We prioritize informing and educating our clients about the home buying process. Our client’s happiness and confidence upon closing a deal reflect our excellent quality services. 3CALoan local mortgage broker provides no tax return home loan which is also called no tax return, without tax return, without tax return, private hard money home loan, private hard money loan, bank statement home loan, bank statement loan, equity loan and many more. If you still have any doubt, you can contact us at (818) 322-5626 or (818) 3CA-Loan today and our specialists will be in touch promptly to answer your questions. We will run you through the details of home loans and hold your hand throughout the process.

Real Estate Blog Directory blogville iBegin

tiwikleAugust 7, 2018August 21, 2018

Hard Money Loans For Investment Property

FACTS HARD MONEY LOANS FOR INVESTMENT PROPERTY ARE NOT AS BAD AS THE RAP THEY GET: 3CALoan

People usually opt for hard money loans for investment property when they have bad credit, little to no income documentation or some property problem or can’t qualify for traditional loans. These loans are issued by the private investors or some organizations rather than banks.

Simpler Loan Applications

Traditional loans have the very long approval process. In hard money loans, the application process is simpler than traditional loans. You will get approved by the lender in a shorter amount of time. Because the hard money lenders don’t require documents like income documents, credit check, etc. Also, the bank will not approve your application because of deferred maintenance on your property, ARC Capital. But hard money lender will give you approval in these cases. Hard money loan lenders will only take three to four weeks closing period, yet ARC Capital can able to close a loan in just four days.

Bridge Loans

Sometimes, bridge loans are compared with Hard money loans for investment property. Bridge loans are basically short-term in nature. These loans are taken out against a property which borrower own to finance a new one. People use the bridge loan to get access to immediate cash flow until permanent financing is secured. If you can’t wait weeks to get the cash in your hand, then hard money loans for investment property will be very helpful to you.

Information Required

Hard money loan lender doesn’t require much documentation. If you will apply for a bank loan, then you have to give some documents with your loan application. Documents which are needed in bank loans are your last three months bank statement, at least 2 years of W-2’s, tax returns for last 2 years, up to 5 percent paystub, proof of other assets, employment verification, proof of debts, 2 years of residential history, property appraisal, credit check report, title report and many more. But this is not the same in hard money loans for investment property. Hard money lenders only require your loan application, title report, credit report, and property appraisal. According to the circumstances of the loan, a property appraisal is not always required. Sometimes, hard money lender needs some document like proof of assets in some cases.

Interest Rates

In hard money loans for investment property, the range of interest rates is from 8% to 12%. Hard money loan has the higher interest rate than banks. But they can provide you with fast cash which you will not qualify for at the bank. With hard money loans having interest-only payments, you will have the monthly payments which you can manage easily. Hard money is typically short-term loans which will help you until you can get into the financing with lower interest rates and which is permanent.

Loan-to-Value Ratio

The ratio of a loan to the value of an asset purchased is a financial term expressed by lenders and it is known as loan to value ratio. It is an important element in hard money lending. It is very simple to calculate LTV. By dividing your loan balance by your home’s appraised value you can calculate your Loan-to-value ratio. The mortgage rate you are able to obtain will depend on your LTV ratio.

For example, if the property which you buying is worth of $150,000. If you pay $30,000 for a down payment. Then you will need hard money loans for investment property of $120,000. You can simply calculate the LTV by dividing loan amount with home value i.e 120,000/150,000 = 0.80. Your LTV is 80%. The home value is the current market value. It is not the value you are purchasing the house for.

Higher LTV

If you have a higher LTV then you will likely notice your mortgage rate is on the higher end, since you’re considered more of a risk due to having less equity in your home. For example, if you only have $30,000 of your own money invested in a property, then they will consider you risky and you can easily walk away if a financial crisis hits you.

Lower LTV

If you have a lower LTV that means you have more equity in your home then possibly you will qualify for a lower mortgage rate because you will be considered to be less risky. For example, if you only have $50,000 of your own money invested in a property, then they will consider you less risky and you can less likely walk away.

If you will apply for the bank loan with a low LTV but have bad credit, then you will definitely get denied from the bank. But in hard money loans for investment property, you still have chances to get approved for financing.

Loan Points

People also know loan points as an origination fee. It is calculated as a percentage of the total loan amount which you want to take. One percent of your loan amount will be taken at one point. For example, you need a loan of $150,000 loan, then $1,500 is the one point. These points are used to compensate the loan officer.

Final Thoughts

There are many differences between a bank loan and a hard money loan. When it comes to qualifying for financing, Hard money lenders are more flexible than bank loan lenders. While working with hard money lenders, they could net you the “cash in hand” you need to make a cash offer. But, you will still have to pay off the loan with interest when you will sell the home. When you are interested in buying a house and flipping it, getting a hard money loan for investment property is a good option. We know that sometimes people have a harder time getting a loan like we have discussed above. That’s why we offer multiple different alternative financing options. You have to be careful and avoid making any costly mistakes. Our competitive rates, efficient services, and talented team can help ease the process of the home loan.

Real Estate Blog Directory blogville iBegin

tiwikleAugust 6, 2018August 20, 2018

Private Money Home Loans

SITUATIONS WHERE PRIVATE MONEY HOME LOANS ARE BEST FOR YOU: Part 2

Private Money Home Loans In the previous blog, we have discussed some situations where you can opt hard money loans rather than traditional loans. We will continue that topic in this article.

WHAT IS A PRIVATE MONEY HOME LOAN?

The private money home loans come secured on the basis of a note and deed to trust for a real estate transaction. These loans for real estate are a specific type of asset-based loan financing. Real property secures the funds the borrower receives. Private money home loans are an alternative to a conventional loan where private funding is secured by the value of a property. Private money loan lender only requires that you should have an equity in the property being used as collateral. They are not much concerned about the credit score. Private money home loans are time-saving loans rather than the traditional loans. These loans are perfect for some financial situations.

WHEN SHOULD YOU APPLY FOR CALIFORNIA PRIVATE MONEY HOME LOANS?

When you need a money, you have many loans option in California to choose from. But you will get money fast only from private money home loans. These are not good in every situation, but here are some situations which we didn’t discuss in the previous blog about when private money home loans are good for you.

WHEN YOU’RE LOOKING TO BUY A HOME

Private money home loans may be a good choice for you even if you haven’t purchased the property. You can opt private money home loans while purchasing a property. If you are planning to buy a home long before you need the home then you can try traditional loan process. But when you a find a great property unexpectedly then you have to make the purchase fast before someone else will purchase that. You will need the money fast to make an offer to the seller. If you need money fast then hard money loan might be the only good option for you.

WHEN YOU OWN TOO MANY PROPERTIES

Nowadays, taking rent from several properties which you own is the best way to earn passive income. It will be difficult for you to get approved for a traditional loan for a real estate purchase when you acquired some properties. Because the traditional lenders will not help you after the forth property. Although the traditional lender advertises that they can help a single person finance for up to ten properties, actually they will not help you in financing the property after you have four mortgage properties. In this situation, you can opt for private money home loan.

YOU ALREADY HAVE A LOAN BUT NEED MORE MONEY

If you need more money for the project that you are working on, and already have taken a loan then you can try to get an increase in the amount of loan. You can try private money home loan, because you can get extra funding from an alternative source, protecting your credit and your investment. Always remember that taking a second mortgage on the property in this situation can be a big mistake.

YOU AREN’T SURE IF A SOLUTION EXISTS

Sometimes people want money and they also have the equity in their property, but they don’t know how to put it together. Private money lender can help you to find the solution. Because they have trained to see “outside the box” and they will easily find the solution.

GETTING CALIFORNIA HARD MONEY LOANS

If you are looking for a loan to buy a home or you want to make an investment in real estate or want to earn money through the fix and flip project, or you are having trouble in getting a loan from the traditional lender, in all these situations private hard money lenders can help you better. You can get private money home loan very fast, even if you have the bad credit score or you have multiple mortgages. If you have collateral that you can place on the loan, then you may be eligible.

FINAL THOUGHTS

If you want to learn more about hard money loans, or to see whether you qualify, contact us anytime. While doing an investment choosing private money home loans for real estate is a great option. You should have the full information about private money home loans terms. Don’t rush during the process and avoid the common mistakes with home loans. We know that sometimes people have a harder time for getting a home loan. That’s why we offer multiple different alternative financing options. Our competitive rates, efficient services, and talented team can help ease the process of the home loan. We help our customers every step of the way. We prioritize informing and educating our clients about the home buying process.

3CALoan local mortgage broker provides no tax return home loan which is also called no tax return, without tax return, without tax return, Private money loans for real estate, private hard money loans, bank statement home loan, bank statement loan, equity loan and many more. If you still have any doubt, you can contact us at (818) 322-5626 or (818) 3CA-Loan today! Our client’s happiness and confidence upon closing a deal reflect our excellent quality services. Our specialists will be in touch promptly to answer your questions. We will run you through the details of home loans and hold your hand throughout the process. We only have one aim of helping people first.

Real Estate Blog Directory blogville iBegin

tiwikleAugust 3, 2018August 21, 2018

Private Money Home Loans

SITUATIONS WHERE PRIVATE HARD MONEY HOME LOANS ARE BEST FOR YOU: Part-1

There are many loan lenders available in the market, it can be difficult for you to choose which one is good for you. If you are in hurry to get a loan, or you don’t want to use traditional loans to get a loan, then you will only be left with private money home loans. In this article, we will discuss the situation where private money home loans are the right choice for you.

WHAT IS A PRIVATE MONEY HOME LOAN?

WHEN SHOULD YOU APPLY FOR CALIFORNIA PRIVATE MONEY HOME LOANS?

When you need a money, you have many loans option in California to choose from. But you will get money fast only from private money home loans. These are not good in every situation, but here are some situations where private money home loans are the good choice for you.

WHEN YOUR CREDIT IS LESS THAN PERFECT

If you have a bad credit, then traditional loans are not an option for you. The traditional lender won’t even consider you. You can try private money home loans when you have bad credit. In fact, many Americans have a credit score below than 601. 601 is the mark set by the financial experts and they consider the line between fair and bad credit. While private money loan lenders don’t always require a good credit score.

WHEN YOU NEED MONEY FAST

For the traditional loan, first, you have to fill an application then you have to provide all the documents which are required by the bank or traditional lender. After that, you have to wait for it to be reviewed and processed. If your application gets approved from them, then the application get the transfer to an underwriter. An underwriter will check whether you are eligible for a loan or not. Sometimes they require more information from you. When underwriter gives approval to your application then you will need a downpayment of 20 percent of the loan. And If you don’t have that then you have to take a mortgage insurance.

After all these steps, you have to wait for the pre-closing and closing processes. Finally, you’ll get your money between 30 to 60 days and sometimes even longer, according to the loan lender. You can try private money home loans when you need a loan fast because waiting through all this long process is not the good option for you. Private money loan lender will give you a loan without all these steps for obtaining a loan, and you will get the money fast.

WHEN YOU’RE FLIPPING HOUSE

The fast process of private money home loans makes them ideal for some situations. The flipping house is one of those situations. Whether you require the loan for earning or for a living, unexpected costs maybe rise from time to time. Maybe you have to do some repairs and/or upgrade something that you hadn’t thought off. Or sometimes the project gets longer then you have planned, and if that takes time, then you have to pay workers extra for that. While doing fix and flip project in real estate, then private money home loans will be the best option for you.

FINAL THOUGHTS

If you are interested in exploring the options of private money home loans, please give us a call. While doing an investment choosing private money home loans for real estate is a great option. You should have the full information about private money home loans terms. Don’t rush during the process and avoid the common mistakes with home loans. We know that sometimes people have a harder time for getting a loan. That’s why we offer multiple different alternative financing options. Our competitive rates, efficient services, and talented team can help ease the process of the home loan. We help our customers every step of the way. We prioritize informing and educating our clients about the home buying process.

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