Let us introducing you with what is owner occupied loan actually. Suppose you owner of house and suddenly you need some money for some purpose. Now you decided to get loan. But who will provide you loan? May be, no one. Even why do? That is the question.
The solution is your home ownership. Yes you can get your dream loan against the ownership. No Matter if you are the owner of a house or property.
Hope your concept is clear about owner occupied. Now it’s the time for hard money. Right?
The hard money is basically for real estate loan purpose. No bank will give you hard money. Only a private lender or individual and a company can provide you the hard money.
Consider to get owner occupied hard money loans florida-
- Most of time, maximum lender wants make your loan as conventional loan. Because some time you don’t any other option. Try to be risk free. So don’t be fool. Always make sure to check all of these options.
- Always concern about interest rate. May be you think the maximum rate would be 10% to 12%. But not. It depends on your lender. Many lender charge 20% to 30% that may be you can’t expect. But this is the reality.
- Be prepared to show all of the requirements paper they want. A dime a dozen papers are photo, Income tax id, proof of your monthly income, your bank statement. Sometimes they want bank solvency.
- Try to work with a smart lender agent. We know buying a house it not easy some common people. If you take the loan for buying property you should think about the capital and interest value. Make sure the loan amount won’t broke your head. In this case, a smart lender comes. The agent can help you to find the to get owner occupied hard money loans florida that go with you perfectly.
Top 3 Owner occupied hard money loans company in florida
In at no one is Nationwide Mortgage
If you think about something like buying property as investment, so this nationwide mortgage help you a lot in this case.
Let’s check the Nationwide mortgage some key points-
- They will offer you down payment. The payment based on your purchase interest. Suppose, if you like to purchase a property for yourself, you will get an offer for 0% to 20%. On the other hand, if you are going to purchase a residential property as per your investment purchase. So, the down payment would be different in this case. Some time you have to pay minimum 15% to 20%. Sometime it depends on your credit score. Like if your credit is 700 so you will get 15% down payment offer. For 600 score’s offer is 20%. So credit card score matter in this case.
- NationWide will check your income rate. They just want to check about your income range. They just check it to confirm that you have the ability to pay the loan or not.
- Your bad credit impact on your loan’s interest rate. If your credit score is bad so your interest rate would be higher.
- Cash out inquiry is very matter to them. They will check it.
- Short term loan will impact on your financial activity. If you fixed a loan for 15 years, it can save some of your money.
- Easy apply and online process.
In at no two is American Heritage Lending, Inc.
Let us start by the great advantage of American Heritage Lending, Inc. is fast funding. If you are looking for fast funding lender so this would be good fit for you.
Let’s see some other point of American Heritage Lending, Inc.-
- Easy and online application process.
- Fast growing and old company. Good background of funding for real estate property.
- You can get $100000 to $5000000 as your loan amount. It depends on some information.
- We believe that the American Heritage Lending, Inc’s interest is not high. Their interest is 8% to 12%. It depends on your loan types.
- You can get maximum 75% loan against your property value. We recommend you to try a lender who provide loan as per your property value.
- They have some organization fees. But you can’t avoid it. The organization cost is 1% to 3%.
- Now it’s the time to loan turnaround time. You will get short time and long term turnaround time offer. The short time offer is 12 months and the long time offer is 360 months. You should choose your suitable time that fit with you.
In at no three and last is Commerce Home Mortgage
This is for whom, who are looking for owner occupied hard money loan. If you are one of those people, Just keep ongoing.
Benefits of Commerce Home Mortgage-
- Well established and well reputed company since 1994. They operate their business in many states not only for CA.
- Easy and online application process.
- You can get $1000000 to $2500000 as a loan amount. We believe this amount is perfect for any owner occupied.
- Interest is too cheap as you think. The interest would be 5.99% to 7.99%. Hope the interest rate won’t break your bank.
- Their maximum loan cost and maximum loan value is same. That is 64%.
- They will take 0%-1% As for organization fee. It depends on various things.
- You are going to get long term loan turnaround time. That is 360 months. Really this is huge time.
We should check all others company before taking loan. But here, our choice is Commerce Home Mortgage. We chose them for their low interest rate. Sometime interest rate is very matter to us.
We also chose the American Heritage Lending, Inc for their short term turnaround time that is 12 months. That means if you want you can pay the loan within year.
If you have high credit card score so you can take a look at Nationwide Mortgage.
They will offer you the interest rate based on your credit card score. That’s all about owner occupied hard money loans florida company.