MortgagesTypes of MortgagesNon-Conventional Mortgage

Non-Conventional Mortgage

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Reverse Mortgage Problems for Heirs and What To Do Next

If you’ve recently lost a parent or loved one, you are likely feeling all kinds of emotions right now – shock, sadness, confusion and anxiety, to name a few. Your confusion and anxiety will likely intensify if you get a notice from a lender telling you the home you’ve inherited has a reverse mortgage, and...

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Physician Mortgage Loans: A Guide for Doctors

After years of studying to begin a career as a medical professional, you’d think getting a mortgage would be a breeze. Unfortunately, many doctors come out of medical school with a significant amount of debt and a more modest income than seasoned physicians.  This large debt-to-income (DTI) ratio can make it harder for doctors looking...

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What Is a Chattel Mortgage, and When Would You Use One?

If you’re a nomad at heart but want to keep a roof over your head, you’re likely in the market for a mobile home (aka a manufactured home). And the best way to finance your purchase will likely be a chattel mortgage.  Chattel mortgages are loans you get on personal property (aka chattel) that can...

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How and When To Refinance a Jumbo Loan

You bought the house of your dreams with a jumbo loan, but it’s been a few years, and you’re wondering if you should refinance. The answer is … it depends. Knowing how and when to refinance a jumbo loan isn’t as simple as refinancing a conventional loan. You need to consider a few things before...

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Nonconforming Loans: What Are They and How Do They Work?

If you’re exploring options for buying or refinancing a home, you might be worried about the minimum credit requirements associated with certain loans. Thankfully, when it comes to buying or refinancing a home with less-than-stellar credit, nonconforming loans can be a great solution. Nonconforming loans often get a bad rap, likely because their name implies...

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What is a Super Conforming Loan and How Does It Work?

The average U.S. mortgage loan is currently $305,000. That’s less than half of the conventional or conforming loan limit of $647,000 set by the Federal Housing Finance Agency (FHFA). But some home buyers will need to borrow more than the limit if they want to purchase a home.  In the majority of U.S. counties, exceeding...

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Participation Mortgage: What Investors Should Know

Have you ever wished you could invest in real estate without spending all your savings? Well, a participation mortgage might be the perfect solution for you. A participation mortgage allows multiple people or entities to team up and share in real estate investment costs and profits, while also reducing each participant’s risk exposure on a...

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Holding a Mortgage: Pros and Cons

Though most buyers will use a traditional mortgage to purchase their home, there are other options to explore when it comes to financing a home purchase. If you’re having a difficult time with traditional avenues of home financing – like a home loan from banks or other mortgage lenders or a Federal Housing Administration (FHA)...

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What Is a Hard Money Loan?

Sometimes you need money fast. Maybe you want to buy a new home, but you haven’t sold your old home yet. Or maybe you have your eye on an investment property or a home you want to flip.  If you need money for a real estate purchase and don’t have time to wait on mortgage...

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Nontraditional Mortgages: What You Need To Know Before You Apply

If you can’t qualify for a conventional loan or just aren’t interested in one, you may be wondering what other home loans are out there. Well, there are lots of options to choose from. And many of those options fit under the umbrella of “nontraditional” mortgages.  So what is a nontraditional mortgage, and is it...

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What Is a Condo Loan and How Does It Work?

A condo can be a great option for someone looking to live in an urban area. Condos combine the amenities of a rental apartment complex with the benefits of homeownership. But condos can be trickier to buy and sell because the community you’re purchasing your unit in has a unique set of rules. If you’re...

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What Is a Shared Equity Mortgage?

Getting a mortgage and being a homeowner is a big deal. And depending on where you want to live and the state of the housing market (if it’s a seller’s market or not), it can be an uphill battle to find and purchase a home in your price range.  A loan alternative –  like a...

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