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Home Ownership Made Easy
279 hits
| Feb 17, 2004 9:58 pm |
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Short Term Financing |
Ben Maxwell
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I first want to Introduce myself, My name is Ben Maxwell, and I am fairly new to Ryze. My background is in Residential Developement. I currently am a Real Estate Investor and a Mortgage Broker.
As I was reading through some of the posts on this site, I realized that many people in this business of Home ownership don't realize some of the very different and hard to find financing that is not advertised to the average consumer or talked about in wide circles.
Do yourself a favor and do some homework. There are many short term financing programs available with lower interest rates, interest only payments, fix and flip finaning, six month, nine month loans done by many different types of lenders. I am not strictly talking about hard money lenders, because they often will require big down payments, but more specialized lenders.
As a broker and an investor, I work with two such specialty lenders here in Denver. It really creates a flexability in what you can do. Interest only options can help a first time buyer ease into larger payments over a six month or one year time period. No, you aren't paying on principal, but really, you aren't going to pay off any substantial principal in that first six month or one year time anyway. I just did one loan where a guy was able to buy a second home for 125,000 with a payment under $400 per month.
Take the time to learn about alternative programs, there is a lot of options out there.
Ben Maxwell
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