If you have a home mortgage for a while now, it may be time to take a look at it. Market rates fluctuate, and there are opportunities for you to obtain a lower interest rate. However, if you have below-average credit but a steady income, you may still find it difficult to obtain a conventional refinance. This is where AHL Hard Money Loans may be able to help.
Refinancing in simplest terms means replacing an existing mortgage with a new one, preferably at a more favorable rate. There may be other reasons to refinance:
• Reduce the payoff term to shorten the length of the mortgage and pay less interest
• Lengthen the mortgage term to lower your monthly payments
• Convert a variable-rate or adjustable mortgage to a fixed-term one
• Combine another loan like a home equity loan with your mortgage
• Obtain cash during a refinance to pay for other expenses
Another option you may not have considered is obtaining finances from AHL Hard Money Loans, particularly if you are looking for a cash-out refinance. Perhaps you have college tuition to pay for, want to make improvements to the home, or have excess medical bills. The advantage of a hard money loan is the process is much faster and more flexible than trying to obtain conventional refinancing. Our investors are ready to serve you, and we can help you close a financing deal in a matter of several business days versus weeks.
What our investors are looking for is equity in your current home and a regular income from you to ensure prompt and regular repayment of the debt. Interest rates may be higher than a conventional refinanced mortgage, so you need to decide if the onerous conventional process is worth that to you. This is particularly true if you have had a spell of bad credit, since you will probably be rejected by commercial Investors after waiting some time for their endorsement.
If you need cash from the equity in your home, consider AHL Hard Money versus a conventional refinanced mortgage, particularly if your current mortgage has a reasonable interest rate. Why pay a bunch of closing costs to refinance when you need cash? AHL Hard Money is your best bet, so call us today.