Credit, income, job history, and assets are usually the only items typical banks and money lenders consider when making the decision about approving or denying a person for a Mortgage. However, what often goes unrecognized is that a few small mishaps can destroy a person’s credit, that job history does not always reflect a person’s ability to pay, and that some people may not have much to show as far as assets go.
That is not the case with Arizona hard money lenders. These types of specialized lenders consider and understand the everyday difficulties American people face and they provide easy solutions to tough financial situations. They believe in your dream of owning the perfect home every bit as much as you do. That’s why they help you by providing fast, easy money when purchasing a home. Most of the time, Arizona hard money lenders focus mainly on short sales, fix-and-flip projects, and foreclosures.
Being approved for a hard money Mortgage is not as monumental of a task as it seems. However, it is important to act like a professional, take the situation seriously, and “sell yourself,” to the lender. It is good to provide your Arizona hard money lender with documents such as: a short description of yourself and your intended purchase, a copy of the purchase contract, appraisal estimate, details on inspection, cost of repairs (for fix and flip projects), an outline and breakdown of all costs involved in the purchase, Title Commitment, and photos of the home being purchased.
While maintaining good credit can never hurt a person, it is not necessarily critical to you getting a Mortgage. Some people shy away from hard money Mortgages because they have heard about the high interest rates. However, If you do have good credit, it can help you receive a lower interest rate on your hard money Mortgage. Also, if you try to set your Mortgage for a shorter period (perhaps 6-9 months), your interest rate will be significantly lower.
With hard money Mortgages, you can get a Mortgage regardless of your job history, credit, or current income. They don’t even check your tax returns or pay stubs! Your approval for a Mortgage is mainly equity-based, but don’t underestimate the power of a first impression. If you get approved for a hard money Mortgage, your project could be funded in as little as 24 hours.