I would like to shed some light on refinancing hard money loans. Hard money loans can have an interest rate ranging from 8% to 22%, so refinancing into a 7% loan can save you interest expense. Most hard money refinances I see come from the purchases of foreclosure. Since the future of foreclosure investing is strong in most areas it is good to have an exit strategies from a hard money loan.

Things to think about with a hard money loan:

What is your interest rate? Are there any balloon payments due? When? Do you have an extension fee to extend the length of your loan period? Are you selling or renting your foreclosure when any rehab is done?

Things to think about when refinancing from hard money loan to conventional loan:

What is your long term holding plan? Do you need to get cash out? What are the costs/break even of the new loan? Is your property listed on MLS? What is the condition of the property?

Let me share a few of my experiences with refinancing hard money to conventional:

I have had a number of properties that where in poor shape and could not qualify for conventional financing, unless we utilized a rehab loan to fix the place up.

I have had a few properties on MLS which is an obstacle to 90% of the lenders out there, but can still be done. Your lender selection is just limited.

I have had people in really good hard money situations and advised them to keep their loan.

I have refinanced hard money loans at 15% and refinanced them into conventional loan rate of 6.875%

Keep in mind every single refinance is situational, so do your diligence on your property, the hard money loan terms and exit strategy.

More info on your stop foreclosure information search:

Get Free Foreclosure Advice and Free Refinance Quotes
Get your free on-line foreclosure refinance quote and free advice from foreclosure mitigation specialist in minutes. Compare real offers from top national subprime and hard money lenders... more...

Stop Foreclosure by Refinancing Your Mortgage
You've probably heard of refinancing to stop foreclosure. Refinancing is perhaps the most talked-about and possibly the most favorable alternative to foreclosure if you cannot see yourself making your mortgage payments in the foreseeable future. Refinancing is your long-term solution to stop ... more...

Foreclosure Refinancing
Foreclosure refinancing is the process of helping the homeowner keeps his home when he or she became default on their loan payment. This will happen sometimes, especially when unforeseen financial problems occur or unemployment occurs. Happily, there are wonderful options to refinance your home. ... more...

Foreclosure Refinancing - A Variety of Options
Foreclosure refinancing falls into several camps. Depending on your financial situation, you have several options. First, if you got behind on your mortgage due to some external situation which has resolved (ie. loss of job, medical problem, etc.), you can sometimes convince the bank that they ... more...

Should You Refinance or Sell?
If you have been making interest-only payments for a while, you might be nearing the end of the period in which you are allowed to do so. You might not feel financially able to take on a higher monthly payment - is it time to refinance or just sell and find a more manageable property? Option 1: ... more...