Finance
Hard money loans in Oklahoma are typically used for:
AFirst-time homebuyers with excellent credit
BShort-term financing of real estate investments or fix-and-flip projects when speed is essential✓ Correct
CGovernment-backed affordable housing
DLong-term refinancing at reduced rates
Explanation
Hard money loans are short-term, asset-based loans provided by private lenders, commonly used for fix-and-flip projects, bridge financing, or situations where speed or credit issues prevent conventional financing. They carry higher interest rates.
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Key Terms to Know
Private Mortgage Insurance (PMI)
Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Math Concepts
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