How Do Mortgage Loans for Bad Credit Work?

Hard money loans are very expensive and intended as interim financing while borrowers rebuild or establish credit

. Borrowers should strive to refinance mortgages as soon as possible. Most hard money lenders require a 50-percent down payment and charge interest rates as high as 23-percent. Hard money loans are subject to state usury laws which limit the amount of interest a private lender can charge.

How Do Mortgage Loans for Bad Credit Work?

By: Simon Volkov

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