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Jessica10, Home Buyer in Illinois

3rd party lender vs bank lender

Asked by Jessica10, Illinois Fri Jan 22, 2010

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Hi,

Are you asking if it's better to go with a 3rd party lender (hard money lender) or a tratitional bank lender? I would check out my options and see who can give me the best loan.

Pro's and con's on hard money lender:
Pro's: in most cases, they'll lend you when the banks won't
Con's: they take a big up cost to get a loan and a high interest rate

Do your homework now by getting all your info from the 2 sourses. This way, you'll be prepared to jump on great opportunities when you see one. Good luck!
0 votes Thank Flag Link Fri Jan 22, 2010
ANY INFORMATION IS USEFUL!
we are doing our research and was told that going directly with a bank was a 'better deal'
Thank you for all of your information :)
~jessica
0 votes Thank Flag Link Mon Jan 25, 2010
Which is offering the most attractive interest rates? Which is best for you in the long run? If you go with a private lender, make sure you draw loan docs thru a title company to protect yourself.
0 votes Thank Flag Link Sat Jan 23, 2010
The Hagley G…, Real Estate Pro in Pleasanton, CA
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