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