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Home Ownership Made Easy
262 hits
| Feb 20, 2004 4:03 pm |
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New Member here - there is a lot of good advice on this board |
Ryan Fisher
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Hello,
I am new to this board. I have been in the mortgage industry for 2 years, a homeowner for 4 and just starting to get into RE investing. There is a lot of good advice from other members on this board.
As Ben mentioned, there are many other products and many ways to get into a house outside of big bank financing. Insurance is also a great help to your situation.
There are programs out there which offer interest only financing or even programs with payments starting at 1.25%. You need to understand, however, the power behind these options and how they work. They are designed to create cash flow for you. This cash flow is there to help your overall financial picture, not to allow you to go get that BMW you always wanted because the mortgage frees up over *$500/mo compared to a 30-year fixed. (*possible savings, actual savings can be more or less depending on rates and loan amounts) This means you need to use it to pay down high interest consumer debt, ie cars and credit cards, use it to pay down a second mortgage if you acquired one also or use the money to invest. See your financial advisor, they can work with you to help get the best return at your comfort level.
Also, as Ben mentioned, do your homework. There are other ways to buy properties without using bank financing. Consider a lease-option or owner financing. Both are great ways to get into your first house. I'm always available if you have any questions about buying your first home, second home, refinancing or where to find other resources to learn. Good luck and happy house hunting.
Ryan Fisher
Private Reply to Ryan Fisher (new win) |
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