Applying for a hard money or subprime mortgage loan online can seem intimidating at first. With so many regional lenders to choose from, it can appear difficult to find the best mortgage loan. However, online hard money, private money, and subprime lenders allow you to search online for rates, compare financing options, and avoid falling prey to predatory lenders.
What To Expect
Depending on your financial situation, you should expect to pay 5-10 percent higher than the prime loan rate. You will also pay some fees that should add up to no more than 10% of your mortgage.
Online hard money and subprime lenders offer all the same services of a traditional bank, but through the convenience of the internet. You can request quotes, ask questions, or apply for your mortgage loan online.
Searching For Rates
With online hard, private, and subprime lenders, it is difficult to find online quotes. Mortgage lending websites can offer you quotes from conventional lenders, but so much is case dependent with hard, private, and subprime lending programs.
Generally, instant mortgage quotes come from only the most basic information that you provide, meaning they aren't always accurate. But, this is a quick way to learn which mortgage lenders offer the best rates. This is also an easy way to weed out the predatory lenders with their excessively high rates.
Picking A Lender
Pick at least three lenders you believe are competitive and request a formal quote from them. Typically, you will need to fill out an online application, providing information about your income, property’s location, and other such details. All of the information requested are factors that mortgage lenders use to determine your rate. With our service you only need to fill out one loan request form.
Once you receive quotes, take the time to review their offers. Add in the cost of loan fees as well as the interest you will pay to determine the total cost of the loan. Consider how long a term you will borrow the money for. The longer your loan term the more points are typically charged. When you have decided on an offer, you can quickly finish the application process.
Applying for an online mortgage loan is practically the same thing as requesting a rate quote. Some mortgage lenders will require you to complete your information online; others will send you paperwork to complete and fax in. Our service helps by sending your loan request to multiple lenders interested and able to approve you. They contact you to complete an application and collect any required docuementation. If all goes well, you should be approved in a matter of days!