Creative Financing For Your Mortgage – Pros And Cons Of Using Creative Financing
Why Don’t We Hear More About Creative Financing? The largest majority of residential real estate financing is provided to home buyers by traditional mortgage lenders through traditional channels. However, there are multiple alternatives to the traditional mortgage that are unknown to most borrowers, and some of these alternatives present potentially greater benefits. The reason for the lack of popularity of such options is they have miniscule or even non-existent compensation for mortgage brokers. Since brokers account for the largest majority of loan originations, these agencies and their employees will obviously steer borrowers toward options that provide better commission.
The Pros – However, for the borrower with the time and motivation to investigate alternative funding methods for real estate purchase, there exists a wealth of information and resources that can lead to property acquisition without the need for a traditional bank loan. Some of the positive aspects of such programs are lower overall costs, less stringent documentation requirements, and...
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