BMRI helps you with 5 Financing Possibilities for buying your first home.
One of the challenges, involved, with buying a home, is, coming up with the necessary funds, required, in order to achieve this objective. While, this is often challenging, to anyone, it is, even, more so, for first – time buyers, because they don’t own, the previous equity, that many, who relocate have (because they sold their previous house). Most of us, focus on having the downpayment, and qualifying for the best possible, mortgage loan. However, we rarely discuss, nor do most people, consider, the variety of financing possibilities, available. With that in mind, this article will attempt to, briefly, consider, examine, review, and discuss, 5 financing possibilities, for buying/ purchasing a home, of their own.
1. Family and friends: One of the most utilized resources, for being able to fund, purchasing a house, is speaking to one’s closest friends, and families. Many people, have done so, mostly, accepting the generosity of their parents. Since there are so many costs involved, few, have the ready – funds, needed, including all the expenses, needed for the closing, and mortgage requirements/ downpayment!
2. Bank: One of the obvious approaches, and choices, is to discuss, your needs, with your personal banker, which you may have developed a relationship with! However, one must try, to avoid the temptation, to merely, opt for the path, of least resistance, and have your bank, compete with other sources, for your business! Compare rates, terms, and other pertinent information, before choosing, how to proceed.
3. Mortgage banker/ broker: What’s the difference between, a mortgage banker, and mortgage broker? While the former, finances the transaction, with their own funds, the latter, places the business, with another lender (for a fee). In either case, you should always, get the entire, bigger picture, and compare, what each, and every option, offers!
4. Other loans: Some use a combination of vehicles, and sources, to secure the necessary financing/ funds. For some, more than one vehicle is needed, in order to secure the main mortgage/ loan, as well as the needed funds, to qualify, and create the needed downpayment. Sometimes, it’s challenging, because, especially, first – time buyers, are unable to accumulate a sufficient amount, needed, immediately. Remember, most conventional mortgages, require 20% down, and, with today’s home prices, the combination of the other 20%, as well as other closing costs, becomes a severe obstacle!
5. Owner financing: When a qualified buyer, who is capable of securing a loan, for most of the costs, has difficulties, with the immediate funds, some owners offer what is referred to as owner financing, which means, holding a second – loan, in order to secure a deal. There may be times, under certain circumstances, a particular owner, might be willing to offer the entire financing, needed.
Be prepared, for the financial necessities of buying a home, of your own. The more one knows, and prepares, the easier the task!
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Located at 15 min walking distance from station. Situated near to market, hospital, school, temple. It provides the finest for an Ideal Home.
It is one of the most reputable address of the city with easy access to many famed schools, shopping areas, hospitals, recreational areas, public gardens and several other public amenities. The Project is at a very good proximity from school, market, banks & station. A location which allows to enjoy a chill breeze of beach on weekend by just driving for 15 minutes.
Located next to Virar, it has direct road access to the Mumbai Ahmedabad Highway (NH-8). Mumbai Chhatrapati Shivaji International Airport and Bus stand are also easily accessible from here. In addition, beautiful beaches (Kelva, Mahim and Satpati), ancient forts (Kelva and Shirgaon) and Manor Dam in the vicinity of Palghar make the place an attractive tourist getaway. Maharashtra’s largest fishing center, Satpati is also at a driving distance from Palghar West.
About BM Group
BM Group (BM™) is a company established in early 90’s and is based in Mumbai, India. BM Group (BM™) serves for Property Development and Real Estate Consultancy of residential, commercial, warehouse, land, and retail leasing in different regions of Mumbai, Palghar, Thane, Ahmedabad, and Rajkot.
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