You feel all set to get a mortgage in San Diego. But when you apply for a prime loan, you find out that you are not eligible—or you realize it is not an ideal fit for your needs.
There are a lot of reasons why this can happen. Your credit rating may not reflect the full financial picture of your life—but unfortunately most prime lenders are unwilling to look past a score which is less than ideal.
Thankfully, there is an answer. You can apply for a hard money loan in San Diego. This type of loan is secured. The value of the property acts as the security.
Qualification for a hard money loan is not contingent upon an ideal credit score. Even if your credit is not sufficient to qualify you for a prime loan, you may still be considered for a hard money loan.
The approval process for a hard money loan is much simpler, and it takes less time than applying for a prime loan. If you turn around a lot of properties as an investor and need to apply regularly for hard money loans, you can stick with the same lender and accelerate the process.
Because hard money loans are used so often for short-term purposes, there are usually no prepayment penalties.
You do not need to qualify for a prime loan in order to get a mortgage in San Diego. Maureen Martin can help you apply for a hard money loan with competitive rates and terms.
Contact her today by calling 619-857- 7191 to get started.
HomePlus Mortgage NMLS ID: 78669
HomePlus CA BRE: 0142654