HomeMortgagesTypes of MortgagesNon-Conventional Mortgage

Non-Conventional Mortgage

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What Is a Balloon Mortgage and Is It a Good Idea?

The joys of owning a home are doubled when your monthly mortgage payments are affordable, and you still have money in the bank to spend guilt-free or park into a savings or retirement account. #FiscalResponsibility Figuring out how to live your best life while comfortably making your mortgage payments every month should incentivize you to...

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How Do Interest-Only Mortgages Work?

Thanks to the smorgasbord of mortgage options available, applying for a mortgage loan can sometimes feel overwhelming. One type of mortgage that may have piqued your interest is the interest-only mortgage, and you may be wondering how interest-only mortgages work. While an interest-only mortgage may not make sense for many home buyers, it’s a viable...

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What Is a Wrap-Around Mortgage? What to Know

It can be extremely challenging when you think you have a buyer set in place to purchase your home and then find out they don’t qualify for a conventional mortgage or a government-backed mortgage. Fortunately, there are options. One option is the wrap-around mortgage.  A wrap-around mortgage can benefit parties on either side of the...

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What Is a Jumbo Loan?

Let’s get into this.  A jumbo loan is exactly what you think it is: a ginormous load of cash. We’re talking over $550,000 to buy a house.  These loans are ideal for buyers who have strong financial profiles and need access to much higher loan amounts than they would get under a conforming loan’s limit...

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Freddie Mac, Fannie Mae and FHA Loans: Which Is Better?

When you’re looking for a mortgage, you’ll hear a lot of F-words thrown around, like Fannie and Freddie and FHA. And it can get pretty confusing. If you’re interested in buying a home, knowing these acronyms and what they do will help – especially if you’re a first-time home buyer or have less-than-ideal credit. Here...

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Stated Income or Alternative Income Verification Loans: Can You Get a Mortgage With One?

Getting a mortgage requires a lot of paperwork. When you apply for a traditional mortgage loan, mortgage lenders will check your credit score and debt-to-income (DTI) ratio. They’ll also want to see proof of income, like your pay stubs, W-2s and tax returns. Unfortunately, you can’t just tell a lender how much you earn. Lenders...

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What Is a USDA Loan?

Feeling cooped up in your metro area? You’re not alone.  According to recent Census data, 86% of U.S. residents live in metro areas. That leaves 14% of the population spread out in the rural areas of the country – which spans 72% of the nation’s land area. So, if you’re looking for more space, there...

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