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What Are Your Loan Options?

by Madhuri Boinwad
What Are Your Loan Options

When it comes to researching what loans are best for you it may simply seem like there are too many options. There so many companies out there promising you the best rates, deals and timeframes. But how do you know who to trust? Are they really the right option for you?

A more popular reason why people are needing loans nowadays is to start flipping houses. Although this rewarding, and to some extent fun, job is a great way to make some money you will need capital to start with in order to invest in the project itself.

So, what are your loan options?

Thankfully loan options fro Seek Capital make this process so much easier. They very clearly and concisely list all of the best online options for getting a loan to flip houses. Here we will list some of their best picks.

If you are flipping a house for the first time

If you are just starting out in your house flipping adventure then a great option for a loan provider is Seek Business Capital. You can borrow any amount up to the value of $500,000 with no fees. The terms of this loan are flexible and for the first few months there is 0% APR, after a couple of months this value will vary. 

If you are an experienced house flipper

If you have already been in the business for a while then you may want to explore other funding options. These can include bank loans or online mortgages. This more traditional loan method may let you borrow up to $1,000,000+ with a timeframe of 15-30 years depending on your terms. 

The APR is also relatively low at only 3-5% but it is good to keep in mind that there are normally a lot of fees. These can include the following:

  • Application fee
  • Service fee
  • Closing fee
  • Appraisal fee
  • Agent commission

amongst many others. So, it is a good idea to know exactly what these amounts will be in advance of agreeing to the loan. 

If you are already a homeowner

If you already own a home then your loan options will once again vary from other options listed here. Seek Capital recommends that you look to HELOC for a home collateral loan form. You can then borrow up to 85% of your home’s appraised value. 

The terms will be flexible but keep in mind that you will be subject to slightly higher APR rates of 4-6% as well as all the extra fees typically charged by a bank such as application, service, and appraisal fees. 

Conclusion

So, whatever your current status in the world of house flipping there are loan options available for you. By using a service such as Seek Capital you can easily narrow down the options according to your needs, status, and financial situation (such as your credit score) in order to find the loan provider that is best for you.

You can also compare any extra fees to know exactly what you are paying back in advance. 

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