HARD MONEY LOAN EXAMPLES

By:
Ben Afzal

Mortgage Lenders

Mortgage lenders typically have a minimum credit score and other requirements to approve a mortgage.

Hard money loans are useful for borrowers who need to get a loan done fast, challenging credit, or unique situations.

Hard money lenders generally move faster than regular mortgage lenders.

Types of Hard Money Loans

Hard money lenders will often only lend up to 60% to 70% of a property’s value.

Many hard money lenders do not necessarily require you to own a property for 6 months of a year before they allow a refinance.

The appraisal for the property must be realistic. Most hard money lenders will make a loan based on equity. As such, they need to make sure you have enough equity to protect their investment.

Hard money lenders often require very little loan documentation.

Many hard money lenders do not require a minimum credit score. Borrowers with less than 500 credit scores may still be able to be approved.

A refinance through a hard money lender may be a way to avoid paying off old debts listed on your credit report. Hard money lenders often only focus on debts that are attached to your property.

You may be able to get a lower payment by setting up the loan as an interest only loan.

Loan sizes are not as restricted as they are with mortgage lenders. Hard money lenders can often lend up to several million dollars on a loan.

PUT EXTRA MONEY IN MY ACCOUNT - MAKE THE BEST USE OF YOUR MONEY

By:
John Gutenburg

Most of the people prefer to put extra money in a bank account when they start making money. This is the most prudent thing that you can do with the extra money you have. Putting your extra money into a bank account carries a plethora of advantages. The banks not only provides you an easy and secure way to store your money, but you also get increments in your saved money from time to time in the form of interest.

Actually, when you put extra money in the bank, the money goes to a huge pool of funds provided by the thousands of existing customers of the bank. The bank keeps a portion of this money as deposit and invests the rest of the funds in various financial ventures. This way, whenever you require some money, you can withdraw it from your deposit. Also, when you keep your money for a long time with the bank, the bank also shares a certain part of the profit earned by the investment it made with your money. This part of profit is termed as interest. Most of the banks fix a certain percentage of interest.

Again, when you put extra money in the bank, the interest is charged after a fixed period of time. Some banks prefer to offer interest annually, while other banks credit the amount of interest half-yearly, quarterly, or even monthly. However, this period also depends on the type of the account you own. There are various types of accounts you can choose from, such as checking account, savings account, current account, and fixed deposit account. You should put your extra money in the bank, but at the same time, you should choose your options prudently.

CHANGE YOUR MINDSET ABOUT MONEY

By:
Mark Morrison

The first step to attracting money and wealth is to change your mindset about how you feel about money. Many of us have uncomfortable feeling about money. They include beliefs that money is the root of all evil, people who have money swindled it out of people who don’t have it or they acquired immorally or illegally.

People may feel uncomfortable or uneasy when money is brought up or if someone makes a comment to them. For example, someone may make a comment to you such as “you must be rich” just because they make an observation of where you live or what car you drive, where you vacation or what you have in your home, and you may just brush it off or say “oh it wasn’t a lot of money” or “I wish I was rich.”

There is nothing wrong or shameful for being wealthy or having nice things. The problem lies in the person who makes that statement. Everyone has a right to be wealthy. There is nothing wrong in being poor either but there is something wrong in STAYING poor.

People also see money in scarcity as opposed to abundance. People think that if you make money you are taking it away from someone else. This is a false premise. There is an abundance of money in the world and money is always circulating. Money is constantly being made. I say that there is no ownership in money; everyone is a facilitator of it.

I see some people who use money as a way of survival instead rather than a symbol of energy. People who view money as a way of survival have a harder time attracting money. Using money for survival stems again from the scarcity mentality. It should be used as a way to express your true self.

Abundance will never be a factor of how much money one has rather it should be about how one feels about the money one does have.