can you refinance a hard money loan

An FHA mortgage refinance is not an option for everybody. If you do not meet the standards for government refinancing but you have some equity, a hard money.

Hard money loans are generally lent to borrowers to finance real estate investment opportunities or other collateral backed loans; they are funded by private investors as opposed to banks. A hard money loan might be an appropriate option if you do not have a high enough credit score to secure a loan.

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Refinance With A Hard Money Lender To Leverage Your Money  · Does applying for an auto loan affect my credit scores? If the lender pulls your credit, your loan application will show up on your credit reports as a hard inquiry.. While hard inquiries can affect your credit, each one may only knock a few points off your scores.

I recently got a hard money loan for 65K. I used 10K to fix up my house and I used the rest to finance a business. I’ve been making the payments fine but at 15% interest the payments have been fairly high and I’ve only been paying the interest and not the principle.

obama new refinance program Obama's NEW Mortgage Program – Riverbank Finance LLC – Posted on February 1, 2012 by Anthony Bird – Home affordable refinance program, Local Michigan, Refinance. During his State of the Union address, President Barack Obama announced a new refinance program, which would help "responsible" borrowers finding themselves in "underwater" situations to refinance their mortgages.

Hard money loans can be a solution for homeowners in foreclosure. It lets them pay off the foreclosing lender with a hard money refinance that gives the homeowners some additional breathing room.

@Melissa Harris You will want to ask the Hard money lender what their terms are. Most are short term loans for "bridge financing", but some may have other long term products. It sounds like you have a great property.

how can i borrow money against my house

When you apply for a hard money loan the process is different from other loan applications you’ve dealt with in the past. Our loans are asset based, meaning we need good, accurate figures about the property’s value and the rehab you plan to do if your are applying for a fix and flip loan.. You’ll need to use the same loan application no matter which of our loan programs or types you are.

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