The second type of hard money loan is the subprime loan, a longer-term loan at an exceptionally high interest rate with high points and fees. The loan can be used for any purpose. It is the loan borrowers obtain when their credit or income problems disqualify them from getting a B or C loan.
- What is a loan to value ratio and how does a loan to value ratio determine the size of my mortgage loan?
- What is a rescue loan for subprime mortages?
- Are there any organizations that can help a person who got stuck with a subprime loan and will end up in foreclosure?
- What is the difference between being prequalified for a loan and being preapproved for a loan?
- When is a fixed interest rate loan better than a variable rate mortgage loan?