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Short Sales - Alternative Ways to Finance Your Home

#Mortgage #MortgageLoans #MortgageLender #MortgageBanker #MortgagePayments 
Another option to consider is a mortgage with an additional moneylender. As the name implies, a money lender is an independent third party who is lending you extra money to complete the sale.

First, you should know the most popular ways to finance a property. Most buyers are inclined to apply for a loan with their local bank or credit union, as these institutions have a considerable presence in most regions.

Although this is a popular choice, it does not ensure you are getting the best deal.

One of the more popular options is to apply for a traditional mortgage with a bank or credit union. By doing so, you will be given a fair value for the home, and it is the most straightforward way to purchase a home.

However, like all financial transactions, there are pros and cons to this solution. The most significant advantage is that the seller will give you a down payment, and it is straightforward. However, this will cost a lot of money. The reason is that with a mortgage, you are borrowing a substantial amount from the bank or credit union, which means you will pay this back interestedly. This will probably be in the range of 7% to 12%, but this can vary depending on the mortgage terms and the financial institution.

Another option to consider is a mortgage with an additional moneylender. As the name implies, a money lender is an independent third party who is lending you extra money to complete the sale. Although this typically costs more, it will provide you with certainty and security. These loans are ideal for first-time buyers as they will normally only require an application fee, not a down payment.

Lastly, if you are willing to use other funds to finance the purchase, you can consider an adjustable-rate mortgage or ARM. This loan will require a small monthly payment until the contract matures, at which time the interest rate will jump up to more typical rates.




While these are excellent and simple ways to buy a home, they are neither cheap nor easy. As you can imagine, the longer you wait to buy your home, the more you will have to pay on a recurring basis. Some of these loans have annual percentage rates of up to 30%, while others are in the range of 15%. Either way, the payment is much more expensive than a fixed-rate mortgage. In addition, you will be saddled with a more extended payment.

I hope you found this article helpful? As you continue your quest for wealth and financial security, the investment strategies laid out in Think Like a Tycoon by Dr. W.G. Hill is the resource you should seriously consider. 

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