Mortgage Options You May not Have Thought About

Posted by Dan Wolf on Wednesday, November 25th, 2015 at 10:09am.

If you're thinking about buying a house, then you'll also probably need to be thinking about a mortgage. Houses are expensive, and the money has to come from somewhere. Unfortunately, traditional mortgages don't tend to be very flexible, and people are very often denied access. However, many people don't Sell my Anchorage Home.  What is my home worth?realize that there are numerous other options for financing a home. Here are a few.                       

High interest lender

This usually isn't the best option, but if nothing else works, a high interest lender will finance a property purchase, or just about anything else, in almost any situation. Whether you have bad credit, no job, or some other issue that makes the bank uncomfortable, a high interest lender is likely to ignore it, or not even ask in the first place. Of course, they'll charge a much higher interest rate in exchange for taking the risk on you.

Buy in cash

Many people can't afford to pay for a property in cash, but if you can, it may even turn out to be a better decision than a loan with a bank. Paying in cash not only allows you to avoid credit checks, and most other tests a bank will put you through before granting a loan, it also saves you a lot of money, because you don't have to pay interest. Another benefit is the fact that you never have to worry about foreclosure, because the property is paid for and in your name alone, from the beginning.

Seller financing

What is my home worth?  Sell my Anchorage home fastThis is probably one of the most flexible options and arguably one of the best. Whether or not the bank is willing to give you a loan, financing through the seller allows both sides more flexibility, and it's even good for the seller, because they can charge interest on the loan instead of the bank. However, it becomes an even better deal if you're having trouble getting financing through a bank, because the seller can make the decisions. They don't have to work through a lot of red tape just to see if a small problem on your credit score is ok, like the bank. They can choose to be as trusting as they want.

Thinking of buying a home but aren't sure how to finance it? Contact us at 248-9653 or visit us online at www.anchoragehomesearch.com. We can help you with that or anything else you need.

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