Hard Equity Loans by Tulio Rodriguez - Financial Advise TV Show "Living in Weston"

hello everyone I am to leo rodriguez and

I am very happy to be here in another

episode of living in Western today we're

going to be talking about home financing

with the aid of our equity loans many of

you have heard me said that home

financing is becoming more difficult by

the minute and that is the reality

however sometimes you need to close even

in this environment alone very quick you

need a flexible lender with flexible

terms and you need no questions asked

when you are in those circumstances a

hard equity loan maybe the answers

sometimes when traditional banks are

unable to provide financing in time

Harmoni loan can be or could be the

right solution Harmoni loan is a type of

loan that is used when you purchase

refinance or you want to take some money

out to wreck a shout and that regular

the traditional banks are not able to

provide financing of course we also

beside the tradition loans we provide

hard money loans here in the state of

Florida we offer the private funding

options when you need to acquire your

property and when you are able to offer

a quick closing with minimal

requirements are equity loan is based on

the real estate property and it is not

focusing the borrower income on the

employment on the credit report or the

credit score on the amount of your

depths what is the nature of your touch

returns or what are your assets a higher

equity lender values basically the real

property and the value is established

through the appraisal when to use a

higher equity loan well many times you

are going to find out as I said before

that traditional lenders are not willing

to finance harrogate alone might be the

solution if adequate alone requires

minimum documentation if the borrower

cannot provide information or the

documentation required for a

conventional loan a higher equity loan

could be appropriate a higher equity

lender does

look at depths does not look at credit

report does not look at income does not

look at employment does not look at your

tax returns adequately loans is

appropriate for those circumstances when

you need it fast there are some benefits

obviously to the brokers because it's

going to be making some fees I'm the

rate is going to be higher than in a

traditional loan however you have sold

the bareword financial needs and

requirements the broker talks directly

to the lender not to a processor because

the underwriting is basically done

in-house through an account

representative her equity loans closes

in a few days as compared with the wicks

sometimes month then takes a traditional

mortgage there is many one documentation

there is minimum things that will delay

that delay the loan from closing I'm

they're sensitive benefit for the

borrower in a higher equity lender does

not take into consideration items like

for example you are a foreclosure you

have bankruptcy you have judgments you

have some income that you're not

declaring you have depth to income

ratios that are not in sync you do not

have to source your down payment and you

it doesn't matter if you have other

mortgages her equity loans are quick and

the terms are flexible now let's talk

about the disadvantages because there

are some the interest rate is going to

be generally higher and the loan value

is lower than a traditional mortgage

that the hard equity loan looks at the

real estate value carefully very

carefully based on the actual sales and

comparable in the area generally a

higher equity loans or adequately lender

lengths up to fifty percent to

sixty-five percent loan to value more

leaning tower the fifty percent the

lengths of a higher equity loan vary

from six months to 30 years many times

are used like Grich loans until you are

in a condition to go to a conventional

loan most of her equity lenders in their

motorisation videos range from interest

only and some of them to 30 years when

it's a fully amortized loan

however you need to make your decision

at the beginning in conclusion her

equity loan may be the answer you need

to close quick when you cannot provide

the requirements documentation for a

conventional loan we at course are in

the ability to analyze your situation

and provide these type of loans if

convenient for you I am to leo rodriguez

see you next time