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An Informative Guide on Types of Private Money Loans in California

When purchasing a home, one of the biggest expenses is often the down payment. A private money loan in California can help you cover this cost, and there are a variety of loan options to choose from.

Here are four types of private money loans you may want to consider: 

1. Conventional Loan: A conventional loan is a traditional loan that uses banks and other financial institutions. This type of loan is usually the most expensive and requires the highest credit score. 

 

 

2. Private Mortgage: A private mortgage is a type of loan that is not regulated by the government or banks. This means that the interest rate can be higher than with a conventional loan, but it also allows for more flexibility in terms of payments. 

3. Refinance Loan: If you're already behind on your mortgage payments, refinancing may be your best option. This type of loan lets you take out a new loan that replaces your old one and has lower interest rates. 

4. Direct Lender Loans: Direct lender loans are typically less expensive than other types of loans, but they require less documentation and may not be available in all areas. These loans are meant for people who have good credit and meet specific eligibility requirements.