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Money Loans and It's Process

If you are interested in buying a property and plan on financing via money lenders there are certain factors that you need to know. All hard money lenders have different requirements for their money loans. Some lenders will loan money, based on a percentage of a property appraised value while others will loan money based on a property’s purchase price. The following terms are given by any legitimate lender about his money loans.

1. loan points

2. closing cost

3. interest amount

Money Lending Process

Be pre qualified: Have a through discussion with the money lender about the money loans and know for sure as what they expect from you and your deal. It will save you from all headaches and will ensure that a potential lender does not think twice working with you despite of your deal. Have a correct contract with the money lender about the money loan. Tell them what your contract price is, the estimated cost of repairs, and what you believe after repair value. Get the property appraised. The lender will either send his appraiser or he might give a list of appraisers that you can choose between. Escrow documents will be required to verify your paper work.

Decision Made on Money Loans.

Then the money lender will decide whether or not they will fund the money loan and will let you know what amount and what terms it will be. Like a conventional loan he will do the closing of the loan in a lawyer’s office or at a title company. Depending on the deal between the money lender and the borrower they may have to put in the money or might get it back. Additionally the title company will issue checks, a big one to the seller and points back the money loan to the lender. If there is some amount of cash to be paid to the seller they would issue a cheque. The title company will ensure that all the paper work is correct and that funds are send to appropriate persons.

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