If there were a hidden fountain of money, I bet you would want to be the first one to find the map. Prices are too high, nationwide incomes have dropped significantly, and as we all know, nothing in life is free. People will soon have to pay for a breath of fresh air. An extra source of cash could save entire families from going into foreclosure and being kicked out of their homes.
The good news is that you can always find a way. If you are a loyal newspaper reader or internet surfer, you have probably heard a little about all the tips and tricks of the financial world. There is a small chance for everyone who desperately needs to find some money. If you are a homeowner, your problems are already shrinking. Your home is a valuable asset you have, one that you can always turn to.
The second type is a hard money refinance. This is very similar to a traditional refinance; however, your credit will not be a deciding factor. You will only be approved if you can afford the monthly payment and you will need 35% equity in your property. Hard Money Loans are not easy to find, so if you think you qualify, we recommend completing the form on the left and using our free membership to find a hard money lender.
Most home owners already have a mortgage, so I am sure you understand the concept of a second mortgage or home equity loan. These are mortgages and other types of secured loans that involve using the real estate as collateral. If you have already have a second mortgage, you could still consider a home equity loan. It is one of the best secured loans, as long as you have enough equity to cover all the mortgage.
Lenders still consider real estate one of the best forms of collateral. You cannot run away with your house when you miss payments and you can not hide it, which makes you a much smaller risk for the creditor.
A home equity loan can help you stop foreclosure if you have equity and income to make the payments.
Not to mention that you would probably be a lot more likely to make payments a priority when your house is at stake. Therefore, home equity loans, mortgages and so on are some of the easiest types of loans to secure.
If you were to consider such a loan, you should take into account that secured loans have the lowest interest rates and APRs, due to the strength of the collateral. This way, you could obtain large loan amounts with reasonable terms and a realistic repayment schedule.
Another advantage would be that you could qualify for the loan despite having a bad credit score or lousy credit history. If you have a house, your house is eligible for the home equity loan.