There's a little difference between a death knell and the stern "no" that many of us have faced when it comes to loan applications. Bad credit surely kills our high hopes but there are alternatives that pump in the lifeblood once more. These alternatives include hard money or bad credit loans from either mortgage brokers or direct hard-money lenders.
When dealing with mortgage brokers you must be frank and honest regarding your financial situation. Now, you may think that your bad credit is the nail in the coffin, but brokers deal with the worst possible financial cases and are seasoned to such calamities. The only point to consider here is whether the broker is in direct touch with hard money lenders. This is important as the deal now occurs through multiple levels. Commissions will now be charged by the broker and the hard money lender. It is important that all fees and point structures are disclosed in the final loan document. If you are lucky and cautious, a quality hard money lender and ample guidance shall offer you smooth sailing through the hard money loan process.
If you are keener upon finding a hard money lender yourself, you need to be careful with your selection. There are hard money lenders charge atrocious rates and processing fees that are paired up with the strictest of terms. Know that this is protocol to wring out from you the maximum amount for them to profit. Some hard money lenders require collateral, which secures the road for them to acquire the property down the road.
It's better to go to a reputable hard money loan lender, even if the interest rates are a bit higher than someone who offers medium rates requiring collateral. If you're required to provide collateral be assured that a hard money loan term should not exceed 24 months.
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