Money is the alternative name of comfortable and elite
life. If you are looking for a comfortable life then you have to earn a lot of
money. Many people are working on other’s farm. But if you are an employee then
you cannot earn a lot of money. If you want to earn a lot of money then you can
start a business. Business is the key to earn a lot of money. Money is playing
a big role in every business. To ensure about money businessmen are firstly
depending on their deposited fund. But when they are unable to make fund
through deposited fund, then they are trying to looking fund from their friends
and neighbors. But it is sometime really going hard to get money from friends
and neighbors. Sometime this friends and neighbors are denied to provide money
for many reasons. And sometime they are unable to provide full amount of money.
In this case commercial loan is the only section to get fund for business.
Loan is weapon of alternative finance. Thus lenders are
playing a big role in our financial era. Now we can think about strong finance
department for having banks, NGO, financial organizations and private money lenders
in our world. Private money lenders are different than banks, NGO and other
financial organizations. Anybody can obtain loan from them with less documentation.
They can lend you money without credit and income information also. But some
mistake can make your process of loan so hard and difficult wherever you try to
get loan. Loan is a lender to borrower’s process. After approving borrower’s
application, lenders provided the loan. There some mistakes which are made by
the borrowers when they are applying for loans. Now I will describe with you
about one of the mistakes which is made by borrowers. The mistakes which I want
to describe with you that without giving ALL the information about the loan,
borrowers are soliciting price information.
Prices are changing with varying borrowers, property and
transaction features which lenders believe affect their costs and risks. These
include loan size, credit rating, type of property (including farm loan, small
business loan and many more), and your ability to document of income and
property and lots of others.
Unless informed to the opposite, hard money
lenders evaluating
prices presume a set of standard specifications that create the fewest prices.
In case the specs on your loan differ at all, the amount will be higher. Now I
will describe you by some examples. Here are the examples.
First example is that, lenders presume you are buying a single-family
home as your permanent residence home. However, in case in fact you are buying
a condo, or the house is desired as a second home, hope to pay more.
Second example, hard money lenders
presume that your income has been static for the previous 24 months. In case in
fact you became self employed in the past 12 months you may not be capable of
or qualified for the best rate regardless of your current income.
Third example, hard money lenders
presume that your refinance loan or mortgage request does not include a certain
amount of cash-out. In case you get a quote for a 5% rate it may change to 5.5%
once the lender discovers that you need $100,000 cash over and above the
existing loan.
And the solution is:
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