I am in the process of redeveloping the page. It is a big important subject and the answers are constantly changing. The main category headings are already listed below. This information will be updated daily for a while and then as warranted.
Gaining a good basic understanding of Residential Real Estate Financing can help you to get the right loan or to sell your home.
This will work. Enough said.
Conventional financing is all but conventional.
There are so many constantly changing variations it is hard to know what conventional means. Basically it means obtaining a mortgage loan through a Bank, Savings and Loan, Credit Union, Mortgage Bank or Mortgage Broker.
When buying a home I recommend that most people be conservative. Get a fixed rate loans when the rates are this low. Ask any lender to tell the most you qualify for on a 30 year fixed rate mortgage and the amount of a mortgage you can get at a chosen specific monthly payment (for principal, interest, taxes, and insurance). Now you know a range of the loan amount. Add your downpayment and you know the price range you can pay. Downpayment and Closing Cost equal your out-of-pocket cost. Ask questions. If you are working with a loan officer that cannot or will not answer your questions to your satisfaction then go to another lender before you start spending money. Properties that need work present financing problems in regards to appraisal and loan approvals unless you have a large downpayment. Get a pre-approvalletter. You will need it when you are ready to buy.
Not just for low income higher risk buyers. It has a fixed rate. It can be used to buy a home or refinance a home so you can make improvements. Get a pre-approval letter. You will need it when you are ready to buy.
Only for veterans. Has a fixed rate. Find a lender with experience in this category and safe yourself some grief. Get a pre-approval letter. You will need it when you are ready to buy. Get a pre-approval letter. You will need it when you are ready to buy.
There are reasons for seller’s with lots of equity to consider investing in the sale of their homes. We all know the traditional lenders are not paying a high rate of interest to their savings account customers. Many sellers will at least negotiate some of the financing cost as a part of the purchase price. Homes that do not sell are expense to keep.
I am not a lender although I taught residential real estate financing and real estate appraisal to thousands of people for many years. Get your financing established first. This can save you a lot of grief.