How to Qualify for a Spec Construction Loan

First-time real estate investors could find spec construction loans a challenge to qualify for and very complicated. Get a sense for how construction loans are different from conventional mortgages and some strategies to maximize your chance of qualifying.

Construction loans differ from ordinary commercial loans in a variety of ways. They are more complicated than regular mortgages and funding is given according to a specific timetable. An initial amount of funding will be given to the borrower, and then the remainder of the loan will be dispersed on a monthly basis, or at the borrower's request. Most lenders will require verification of a borrower's expenses over the course of a construction project, which can create complications.

Construction loans are especially tricky to qualify for and are considered too risky by most banks. Most lenders have difficulty underwriting construction loans because they have to rely on the borrower's assumptions about the cost and profitability of a given project. Most lenders are especially wary of spec loans and consider them too risky because there is no guarantee of a future sale.

A spec loan is usually given on a short-term basis and is not meant to be a long-term mortgage. The aim of the borrower is to sell the property quickly after construction is completed. It is crucial that potential borrowers can demonstrate their expertise in order to qualify for a spec loan.

If you can talk up your expertise to increase your chances of qualifying for a spec construction loan

Your financial projections are what a spec lender will rely on to underwrite your loan and so it is essential to demonstrate your expertise. If a lender doesn't have faith that you will finish a project, or that you will earn a profit in the end, in most cases your construction loan won't be approved.

The best way to qualify for a spec loan is to give any potential lender confidence in your knowledge and experience when it comes to real estate. But there are additional strategies you can employ as well.

Specific tactics to help you qualify for a spec construction loan

Seek out lenders located near your construction site. A local lender will have an emotional investment in the area and will have a better understanding of your project's potential. Ensure you have enough capital up-front to make a sufficient down payment. Lenders will want an assurance that you have a sufficient stake in your construction project. The risk entailed by a spec loan usually entails a significant down payment.

Have a detailed understanding of your builders draw-process, meaning know how much your builder intends to spend at every step of your project and be sure this schedule matches the structure of your loan.

In short to qualify for a spec loan, demonstrate your expertise, find local lenders, have sufficient cash on hand and know your projects timetable. By employing these strategies, you maximize the chances of your spec loan getting approved.

Dennis Dahlberg
Broker/RI/CEO/MLO
Level 4 Funding LLC  Private Hard Money Lender
Arizona Tel:  (623) 582-4444
Dennis@level4funding.com NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027
111 Congress Ave |Austin | Texas | 78701

Arizona Mortgage Brokers and Banks: How Do I Tell the Difference?

Trust Deed Investing, Arizona Mortgage Broker

If you’re not what they would call “real estate savvy,” you probably don’t even know the difference between different types of home loans and the people and institutions that offer them. Not to worry. You’re starting at a good place. Here are a few differences between Arizona mortgage brokers and banks and the services they can offer to you in your time of need.

1. Arizona Mortgage Brokers know the ins and outs of the home market. Banks know how to do loans. Both of these can be advantageous, but ultimately, you want someone who knows about a broader scope than just the financial part of things. Your broker can tell you about resale value, neighborhoods, etc.

2. Your Arizona Mortgage broker will shop around and compare rates. Your bank will not. Your bank is going to give you the rate they offer—which makes sense…why would they shop around for you? Brokers do a lot of comparing and contrasting to bring you the best deals.

3. Sometimes brokers require extra fees. Sometimes the lender pays these fees, but sometimes the borrower has to. Watch out for this. The bank won’t typically charge you any other fees for their services (that’s all wrapped into the loan), but sometimes brokers will.

How Do I Know Which Arizona Mortgage Broker is Best For Me?

Arizona Mortgage Broker Home Loan

Simply put, do your research. Really, you can’t just walk into this blindly…you need to find the right Arizona mortgage broker to help you in your specific and unique situation. You have a different knowledge base, financial circumstance, and desire for the home you are looking to buy. You need to find a broker who is on the same page as you.

Weigh the pros and cons of getting an Arizona mortgage broker instead of going directly to a bank for your home loan.

Brokers aren't right for every situation, and neither are banks. Find a broker you can relate to, that takes an interest in your situation, and most importantly, is experienced enough to know the market and get you the absolute best value and deal on your home. What are you waiting for? Find the Arizona mortgage broker who is right for you today!

Arizona Mortgage Broker Team, investing in trust deeds Arizona

Dennis Dahlberg
Broker/RI/CEO/MLO
Level 4 Funding LLC
Tel:  (623) 582-4444 | Fax: (888) 279-6917
www.Level4Funding.com
NMLS 1057378 | AZMB 0923961 | MLO 1057378
23335 N 18th Drive Suite 120
Phoenix AZ 85027

How are Arizona Mortgage Brokers Qualified?

Arizona Home Loan FHA USDA Specialists

Whether you’re looking to become an Arizona mortgage broker, or if you’re needing the services of one, you need to know the requirements. Arizona mortgage brokers are regulated by the Arizona Department of Financial Institutions. Essentially, their goal is to protect the consumer without hurting the industry of the broker. All the licenses in Arizona are handled through the National Mortgage Licensing System—as with any other state in the US.

It seems pretty obvious that an Arizona Mortgage Broker must be a citizen of Arizona, but it’s still good to know. They cannot work as a broker in another state. If you’re looking to start a career in mortgage brokerage, consider these requirements:

-experience in the mortgage industry (at least 3 out of the last 5 years)

-knowledge of the terms and jargon of the industry

-personal history that includes financial statements

-Arizona license

What if I need an Arizona Mortgage Broker?

Arizona Mortgage Broker,

If you’re looking for a home, you have to start with the logistics. Sure, it’s the subject that put us all to sleep in our school years…but it’s necessary! You have GOT to do the math. You need someone who understands the economy and the real estate industry and an Arizona mortgage broker is just that someone. Get out your financial documents, check your credit score (or they can do it for you), consider the range of loan you’re seeking to receive, and be ready for the ride of your life! Your Arizona mortgage broker will be there helping you every step of the way until you make your first mortgage payment. There is no better feeling that knowing you are financially secure and confident in the loan process and the final decisions you make for yourself and your family.

Big Daddy Dennis Hard Money Lender, Arizona Mortgage Broker

Dennis Dahlberg
Broker/RI/CEO/MLO
Level 4 Funding LLC
Tel:  (623) 582-4444 | Fax: (888) 279-6917
www.Level4Funding.com
NMLS 1057378 | AZMB 0923961 | MLO 1057378
23335 N 18th Drive Suite 120
Phoenix AZ 85027

Who Can Give You an Arizona Home Loan?

Arizona Mortgage Broker

You might have just been saying that you need an Arizona home loan but that you weren't sure how to get it.

We can help you out. If you have been worried about your credit because you recently lost a lot of money due to the economy, then this is the time to figure out how to get a hard money lender to give you an Arizona home loan and this is a great place to start. Forgo the annoyances of the traditional bank loan that has you waiting for forever before they finally turn you down. Bank loans are incredibly difficult to get nowadays just because the economy went so far south that it’s hard to find anyone with a good credit score nowadays.

Star the path towards a hard money lender who can give you a home loan Arizona. If you need a home loan Arizona but you know that getting a loan during this time would be tough, then start your research and find your private lender sooner rather than later. The time is now!

Mans Best Friend The Arizona Mortgage Broker

Embrace it! Find a lender who wants to help you out. You have the assets they are looking for even if you don’t have the credit. A private lender will be fine with that! They want to help you get the home loan Arizona  that you need to get your life back on track and get the home of your dreams. This is a positive step in the right direction so let’s get it going today!

Get together with your private lender to start going over how to get your home loan Arizona. Don’t wait for the banks to dictate what you can do! Get someone who cares to help you out! You can start as soon as today! Check it out.

Loan Officer Level 4 Funding

Dennis Dahlberg
Broker/RI/CEO/MLOLevel 4 Funding LLC
Tel:  (623) 582-4444 | Fax: (888) 279-6917www.Level4Funding.com
NMLS 1057378 | AZMB 0923961 | MLO 1057378
23335 N 18th Drive Suite 120
Phoenix AZ

Which Arizona Mortgage Broker Is Right for Me?

Home Loan for a New Home

Finding an Arizona mortgage broker can be a daunting task. There are a lot of dishonest people out there and how can you trust anyone you find over the internet? Before you do something you’ll regret, stop flipping through those yellow pages and do your research! Your Arizona mortgage broker is, essentially, going to determine a big part of your future. Don’t trust just anyone with this task. While most of the home loan application and process is solely based on you and your situation, you still need to find someone you can trust who will represent you honestly and positively.

What attributes do I look for in an Arizona Mortgage Broker?

You need to find an Arizona Mortgage Broker who treats you like a person and not a paycheck. Develop a relationship with them—you will be working with them for a long time until the loan process is complete. Don’t just choose the first one who comes up on the internet. Here are a few attributes to look for:

-Honesty. Obviously. But do your homework! Ask friends and neighbors for referrals, go with your gut, don’t let them fool you. Some of them will inevitably try. Make sure there are no “elephants in the room,” and if you feel uneasy about them, move onto the next one.

Arizona Home Loan

-Integrity. Don’t lie to them and don’t let them lie to you. Be honest if you have poor credit history or a shady financial past. It doesn't ruin you, but dishonesty will bring you down. Arizona mortgage brokers are on your side…tell them everything and don’t let them jerk you around.

-License! They have to have a license. Don’t work with anyone who doesn't. Each state has their own laws regarding real estate, so check with your state and make sure your broker matches up. If you’re suspicious, ask for proof of their license and qualifications.

Arizona Mortgage Broker Team, investing in trust deeds Arizona

Dennis Dahlberg
Broker/RI/CEO/MLO
Level 4 Funding LLC
Tel:  (623) 582-4444 | Fax: (888) 279-6917
www.Level4Funding.com
NMLS 1057378 | AZMB 0923961 | MLO 1057378
23335 N 18th Drive Suite 120
Phoenix AZ 85027

Don’t Fret Because You Can Get an Arizona Home Loan!

Arizona Mortgage Broker

It’s difficult out there for people who don’t have the best credit. But it really doesn’t have to be. If you are looking for an Arizona home loan, there’s a way out that doesn't have to be with a bank handing out soft loans and forcing you to conform to their ways. No, there is a new way that you can get the money you need. Think now about a non-traditional loan. Think now about how you can get a private lender to hand you over an Arizona home loan without worrying about your finances.

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Your hard money lender can provide the financial resources you need to get your property. If you need an Arizona home loan, there’s really only one place to get it that won’t cause you a lot of heartache and stress and that’s with a private money lender. After you can determine what kind of money you need if you have bad credit or your home is being foreclosed on, it is possible to get back on track.

Don’t think about how difficult it can be with a banker because with a hard money lender, it doesn't have to be difficult to get the Arizona home loan that you need.

You can avoid the long way to do something and the hassle of paper work that may never lead to anything with a traditional loan and snag what you really want from your private lender. Take note that there are other ways to do something about your financial problems. You can qualify for a hard money loan even with bad credit. Don’t bother with the soft loans of yesterday when you are looking for an Arizona home loan today. Take advantage of this wealth of information by talking to someone about a private money lender and non-traditional loans.

Arizona Mortgage Broker, Arizona Home Loan, USDA Home Loan

Dennis Dahlberg
Broker/RI/CEO/MLOLevel 4 Funding LLC
Tel:  (623) 582-4444 | Fax: (888) 279-6917www.Level4Funding.com
NMLS 1057378 | AZMB 0923961 | MLO 1057378
23335 N 18th Drive Suite 120
Phoenix AZ 85027

Arizona Home Loans are Obtainable

If you’re looking for a hard money lender because your credit isn’t as great as you’d like it to be, then you are in luck because we have what you’re looking for here. As you know if you are

Arizona Mortgage Broker Home Loan

on the website, a hard money lender or a private money lender as they are also called, can be the best thing for you and your bank account- especially if your credit isn’t what it should be. No more conforming to the bank standards when you can get the non-traditional loan that you need for your Arizona home loan from a private money lender.

You can qualify so much easier for a private money loan than you can a traditional soft money loan. These banks are so aggressive nowadays that it is difficult to get what you need from them. They want to really put you through the ringer when it comes to getting the loan you need for your home. And even then, you might not get it. It’s time to avoid these kind of interactions and get a private money lender to give you the Arizona home loanthat you need. You won’t have to worry about bad credit or an impending foreclosure. You will just have to worry about getting the money you need and paying off your debts. 

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Arizona Mortgage Broker, Arizona Home Loan, USDA Home Loan

Tell your private money lender what you need and they will work with you far better than a traditional bank officer would. You can have the quality of life that you deserve. Talk to a hard money lender now about the Arizona home loan that you need. It might just change the way you begin to think about your home and your money. Bad credit, no credit, or impending foreclosure, you can get the money you need with a hard money lender who wants to help you with your Arizona home loan.

 

 

 

Dennis Dahlberg
Broker/RI/CEO/MLOLevel 4 Funding LLC
Tel:  (623) 582-4444 | Fax: (888) 279-6917www.Level4Funding.com
NMLS 1057378 | AZMB 0923961 | MLO 1057378
23335 N 18th Drive Suite 120
Phoenix AZ 85027

Let’s Talk About Arizona Home Loans

Arizona Mortgage Broker Home Loan

There are soft money loans and there are hard money loans. Many people think that hard money loans sound scary, but really it just might be the opposite way around. You see, soft money, or traditional loans, are loans often given out by banks or other financial institutions that require a long and tedious qualification process. Thanks anyway! Often with these soft money loans, you don’t even get the loan after all the waiting and paperwork that you’re forced to do. That’s where a private money lender comes in. A private money lender can help you get the Arizona home loan that you need to save your foreclosed home without any of the inconveniences of a soft loan.

Here’s the deal: Those banks are going to get you coming and going. They can break down a human being with their tough questions about finances. Talking to a private money lender is much easier and doesn't require loads of paperwork or credit score assessments. Instead, it

Arizona Mortgage Broker,

is a more relaxed atmosphere and you get your money fast. That’s something everyone can look forward to, especially when their home is in foreclosure and you need that Arizona home loan fast.

Skip the banks and go straight to the money with a private money dealer who specializes in home loans Arizona.

You will see that bad credit or no credit, there is someone out there for you who can help and it isn't just a fairy godmother, it’s a private money lender who wants to get you the Arizona home loan that you need. No waiting. No frustrations. Just exactly what you need when you need it and want it the most. Talk to a private money lender today regarding the Arizona home loans that will absolutely change your life.

Arizona Mortgage Broker

Dennis Dahlberg
Broker/RI/CEO/MLOLevel 4 Funding LLC
Tel:  (623) 582-4444 | Fax: (888) 279-6917www.Level4Funding.com
NMLS 1057378 | AZMB 0923961 | MLO 1057378
23335 N 18th Drive Suite 120
Phoenix AZ 85027

Should I Use an Arizona Mortgage Broker?

If you’re thinking of applying for a home loan, you've got to consider how you will get one and where it might come from. Of course, you have the option of contacting a lender directly and applying for a loan in that way, but that’s not always the easiest and most effective route in getting your loan granted. Like any other decision in life, there are advantages and disadvantages of using an Arizona Mortgage Broker over a direct lender. The pros and cons are outlined below.

Dealing with Arizona Mortgage Broker vs. Direct Lenders

If you go to a lender, plan on doing your own homework. You need to know the types of loans, a little bit about each of them, and most importantly, exactly what you’re looking for.

Arizona Home Loan

They aren't going to hold your hand through the process. You will also need to speak with several lenders because interest rates vary from bank to bank and you don’t want to be stuck with the first (and possibly the highest!) lending institution you go to. Essentially, a lender is going to either grant or deny your request for a loan—they’re not going to do the shopping around or comparing for you. Another disadvantage to using a lender directly is that if you don’t apply correctly or make a mistake in representing yourself and get denied, there is no backtracking. You’re stuck with the “no” answer and there’s just not a whole lot you can do about it. The process of starting over can be time consuming, but it’s not impossible to work through.

An Arizona mortgage broker, on the other hand, is an awesome resource if one of these situations sounds like yours:

-You have poor credit history or no credit

-You don’t know much about real estate

-You don’t know exactly what kind of loan you’re looking for

-You’re a first time home buyer

An Arizona mortgage broker will act as the go-between for you and the lender.

Arizona Mortgage Broker

They will shop around for you and do all the legwork. They compare interest rates to bring you the best and lowest payment option possible. They also know the real estate world—all the ins and outs. They can fill out an application for you that represents you in the best light, while still being honest. Often, people find that when they use an Arizona mortgage broker, they qualify for a loan when they wouldn't otherwise. 

Arizona Home Loan

Arizona Mortgage Broker

Loan Officer Level 4 Funding

Dennis Dahlberg
Broker/RI/CEO/MLO
Level 4 Funding LLC
Tel:  (623) 582-4444 | Fax: (888) 279-6917
www.Level4Funding.com
NMLS 1057378 | AZMB 0923961 | MLO 1057378
23335 N 18th Drive Suite 120
Phoenix AZ 85

Mortgage Broker Arizona is Here to Help!

If you’re looking for help in buying a home and knowing the process, you’re not alone! There are so many people in your situation. Don’t give up because you feel discouraged by

Arizona Home Loan, Mortgage Broker

all the real estate jargon and loan intricacies. Mortgage Broker Arizona can help you out. Go to your mortgage broker with your questions, concerns, and thoughts and they will gently guide you through the process.

 Why Choose a Mortgage Broker Arizona Over A Bank?

People have their preferences and that will never change. However, when you’re starting the home buying / loan application process, it’s good to know all of the information available before making your decision and pressing forward. Mortgage Broker Arizona have thinned out over the past few years—as they have in all parts of the country. They have tight regulations to work under and have been known to be a little shady. However, that is a thing of the past.

Arizona Mortgage Broker,

Mortgage brokers work hard to bring their clients to the best loan possible. The SAFE Mortgage Licensing Act of 2008 thinned out a lot of the bad guys and made sure that Mortgage Broker Arizona operates under honest principles and with the highest degree of accountability and ethics.

Mortgage Broker Arizona handles the paperwork and all the sticky situations of a loan.

Arizona Mortgage Broker, Arizona Home Loan

They interact with the lenders so you don’t have to and they steer you away from any potential problems. They also understand the industry a lot better than you do. They know the lenders they are working with and they know how to represent you honestly and in the best light possible. This is something you likely would not be able to do on your own because you don’t always know the lender you’re borrowing from.

Essentially, you’ll want to compare the two before making your decision. If you want to go with a bank, do your research.

If you choose to go with a Mortgage Broker Arizona,

do your research there too.

You’ll make the choice that feels right in the end.

Arizona Home Loan

Arizona Mortgage Broker

Arizona Mortgage Broker,
Arizona Home Loans

Dennis Dahlberg
Broker/RI/CEO/MLO
Level 4 Funding LLC
Tel:  (623) 582-4444 | Fax: (888) 279-6917
www.Level4Funding.com
NMLS 1057378 | AZMB 0923961 | MLO 1057378
23335 N 18th Drive Suite 120
Phoenix AZ 85027

What is the Difference Between an Arizona Mortgage Broker and a Loan Officer?

Arizona Home Loan, Mortgage Broker

If you've started the home buying process, you've heard a lot of terminology floating around and you’re probably wondering what’s what and who’s who. If you need a quick refresher (or maybe a crash course introduction) on the difference between an Arizona Mortgage Broker and a loan officer, you are in the right place!

Simply put (and seemingly obvious) a loan officer is the person who works for the lender. They deliver the services of a lending institution and works under the license of the institution they work for, rather than having to have a license of their own. While a loan officer works to get you the best deals, at the end of the day, they’re working for the lender…and it’s all about money. They will give you great rates, sure, but their number one priority is representing the lending institution in the best light.

Loan Officer Level 4 Funding

An Arizona Mortgage Broker on the other hand, works as a middle man between the buyer and the lender. They are  the go-between in the whole lending/home buying process. Mortgage brokers have to have specialized licenses and they work hard to do right by the buyer. Mortgage brokers are generally registered through the state they work in and also through a nationwide program.

As for profitability, it’s a toss-up. For each loan processed, an Arizona Mortgage Broker might make more. However, loan officers have the potential to process a higher number of loans. Generally, the two are fairly similar in their duties, though they do have significant differences.

Are you looking for an Arizona Mortgage Broker?

If you’re looking for an Arizona Mortgage Broker, make sure to find someone you can trust.

Find one who knows the ins and outs of the industry and will work hard to bring you the

Arizona Home Loan FHA USDA Specialists

best rates possible and work with your current financial situation. Don’t settle for someone who wants to rush through the process and close on a home as soon as possible. Be patient, you will find the right one for your needs.

Arizona Home Loan

Arizona Mortgage Broker

Arizona Mortgage Broker, Arizona Home Loan

Dennis Dahlberg
Broker/RI/CEO/MLO
Level 4 Funding LLC
Tel:  (623) 582-4444 | Fax: (888) 279-6917
www.Level4Funding.com
NMLS 1057378 | AZMB 0923961 | MLO 1057378
23335 N 18th Drive Suite 120
Phoenix AZ 85027