Affordable Ways to Finance Your New Home or Project: Arizona Hard Money
Have you found your dream home, but in the back of your mind you know it’s just a dream? Maybe it sits on a river bank, far out from the hustle and bustle of the city, and that wrap-around porch just need a fresh coat of paint. With Arizona hard money
you can take that dream to the next level and make it a reality. And, it’s surprisingly affordable on your part.
First things first, remember that Arizona hard money Mortgages are equity-based. Your approval is determined based on the value of the home or property—not necessarily on your ability to pay. That little known fact can be a huge relief to buyers.
Next, understand that interest rates are going to be a little higher than you’re used to. That’s the tough part. However, keep in mind that Arizona hard money Mortgages are normally very short—usually about six months (or somewhere within the range of three to nine). The higher interest rates tend to even themselves out in that way.
Getting Started on the Arizona Hard Money Process
Getting started can be the hard part. It takes motivation to put yourself out there and risk rejection. But, once you take that first step, you’ll be surprised at how fast you can get the ball rolling. In fact, you can have your Arizona hard money
within one day of application.
Don’t put the cart before the horse. Find your nearest hard money lender and investigate the process a bit before making that commitment. Ask lots of questions, read the fine print, fully understand the commitment you are about to make. Once you decide to go through with the process, your hard money lender will take care of the rest.
They will estimate the value of the property based on location, condition, renovations to be made, etc. Then, they will normally approve a Mortgage of about 60-70% of that value. They will need some information from you, but nothing compared to traditional money lending associations.
Financing your new home purchase could be a lot more manageable than you previously thought. Get started on the Arizona hard money process today.