Not being prepared- A big mistake of borrowers

Money is very important in our modern life. We cannot think a comfortable life without money. Money has changed our life into comfortable. To make our life happy and comfortable we are doing many businesses. Start up capital is the main power of every business. To make start up capital, loan is playing big role. People are borrowing loan when they are unable to make start up capital through their own fund. Banks are providing loan from many years ago. But since they are following government rules and guidelines they cannot provide loan without all the information what they want. They want applicant’s income, asset and credit information to make a loan approve. A bank cannot make loan without the full information of applicant’s income, asset and credit score. If you have bad credit score then bank will directly disqualify your loan application. They do not approve any loan application with bad credit score. And if your income information is unverified then you also cannot get loan from banks. This is also same in other conventional loans. These are solid disadvantages of borrowing loan from banks and other conventional lenders.

But hard money lenders are the kind of lenders who are ready to lend money without credit score and income information also. They don’t care how much credit score you have or not. You can get loan from them with unverified income information also. They are only focusing on applicant’s property. One can get up to 70% after repair value of his property as loan from hard money lenders. Although banks can provide more than 70% but they cannot take risk to provide loan based on only applicants property. And for this reason hard money lenders are giving only 70%. And they are also taking 8-15% interest for a loan and 2-5% point fees or upfront fees from the borrowers. You also can get hard money loan even if your property is in bad condition. If you also lease up any property and which has no renter then hard money lenders also can lend you money.

Hard money loan is known as private money loan in the world. This is a kind of term where government rules and guidelines are not following. This term is assuring people to get loan with easy process. There is no harassment of any extra documents. Hard money loan is a kind of loan where property value is playing the leading role to approve your loan. You need to apply to the lenders for loan whatever term you want to follow. But most of the people are making some mistakes which are indicating as “The 7 Most Common Mistakes Borrowers Make When Shopping for Loans”. If you can avoid these 7 most common big mistakes then you can easily borrow loan from the lenders. Every loan applicant should know about these mistakes and try to avoid these big mistakes.

These 7 big common mistakes are below:

1. Soliciting price information without providing ALL the information about the loan
2. Assuming that the loan Provider who offers the best price on one type of loan will also have the best price on another.
3. Selecting the loan Provider offering the best price over the telephone, on the radio or in the newspaper.
4. Assuming that you can shop Lender A today and Lender B tomorrow.
5. Assuming that every Internet company that advertises getting you up to 4 loan offers can really save you time and money.
6. Not shopping for a loan.
7. Not being prepared.

There are 7 mistakes and now I will describe about the 7^th mistake which is “Not being prepared”. It is also a big mistake borrower’s made while he is shopping for a loan. This is a worst mistake that one can make, not having financial statements that verify income and property and not fixing your credit before to applying for a loan but keeping your fingers crossed, expect your credit will allow you to qualify for a loan. Your credit score can make a big difference in quality of loan. If your documentation is not ready yet then it mean that higher interest rate and oft even a declined loan application. This applies to any co-borrower as well as the primary borrower, as oft the co-borrower's financial information is just as important as the borrower's.

Here is the solution of this problem

Lending Universe Inc. will help you on how to prepare yourself and how to present your application in the most efficient way for best results by their optimization software. The lender’s decision is depending on credit score most importantly. Only Lending Universe Inc. can realize the importance if credit score. They dedicate a special offer to gain the scores and a variety of tips on how to raise your credit score fast on this for our members with links. Lending Universe Inc. can provide you those opportunities which any other cannot provide you. It has largest information about hard money loan and lenders. They have about 10171 verified hard money lenders in their largest database and 17175 verified brokers. Lenders will lend you money on short and simple process. Our verified lenders have the ability to make quick fund. We have also 15585 verified and registered real estate agents. You could find about 17661 appraisers from here. Our appraisers are evaluated property accurately. Here is free membership authority which offer people to be their member in freely. There is no charge to be their member. Anybody can be their member. And anybody can apply for a loan through us from anywhere in the world. It does not matter where you are. So you can apply for hard money loan from anywhere in the world.