Today it seems there are as many different types of home financing as there are different types of homes.
Whether you’re all set to buy or just trying to figure out what you can afford in your new location, or moving across the country, a good mortgage professional can help you make the right choices. They can customize a mortgage to your unique needs, drawing from a selection of common mortgage products.
In addition to all the conventional loan options, they may be able to offer special programs that overcome obstacles such as credit issues, hard-to-document income, or lack of savings. Whatever your financial profile, a Professional Mortgage Planner can help you get a mortgage plan designed specifically to benefit your particular needs.
Several decades ago, lenders required homebuyers to provide a 20% down payment as protection against the possibility of the homebuyers defaulting on their loans. The invention of mortgage insurance for home purchases made with less of a down payment means that today’s lenders can offer a variety of low and no-money-down options.
That’s useful for a range of buyers such as:
First-time buyers who don’t have a large down-payment to invest.
Buyers who want to keep their investment whole and use less cash upfront for their purchase.
Buyers who need to use their cash for renovations or other move-related expenses.
Whatever your financial reasoning, there are a number of ways to finance your down payment. A professional mortgage consultant can work with you to structure a home financing package that takes into consideration your total financial outlook.