In short – yes. The process of turning a hard money loan into a mortgage is called “refinancing.” To refinance a hard money loan, the borrower must first obtain a new loan with more favorable terms. The process of refinancing a hard money loan into a mortgage is not always simple and can be done with the help of a professional lender.
In general, the borrower will need to provide proof of income, assets, and employment. They will also need to have good credit to qualify for the best terms possible. Once the loan is approved, the borrower can use the funds to pay off the original hard money loan. This process can help borrowers save money on interest and improve their financial situation.