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so if you're curious about house flipping here's how real estate Fix and Flip loans actually work when most people buy a home they take out a 30-year fixed rate mortgage they put 10 or 20 percent down and they pay the same amount every month for 360 months until the loan is paid off the bank examines your credit score your W-2s your last couple paychecks they call for references it's actually pretty invasive but fixing flip loans are quite different house slippers don't want to own a home for 30 years more like 6 to 12 months they also need to get loans much more quickly so they don't go to big Banks like you and I would typically do if we're buying a home that we're going to live in flippers go to private lenders or hard money lenders who lend their own money to real estate flippers for short-term rehab and construction loans loans often have 12 month or 18 month terms they're very quick closing and you usually pay only interest you're not paying down the principal and as long as the flipper can fix the home quickly enough and make enough of a profit they're happy to pay that higher interest rate for six to 12 months and the lenders well they're happy to give you a loan quickly because they're making two to three times the interest that a typical Bank does