Benefits Of Taking A Mort-Gauge Loan (Essay Sample)

KW Mortgages Walpole MA
Owning a home is essential and important to everyone seeing as we all need a roof over our heads. When looking to own a home, you may need to get a licensed Mortgage Loan Officer. This officer will assist with home loan needs like, First Time Purchase, Renovation, and Second home Purchase.
Mortgages Walpole MA, are given with expertise and great knowledge. Loan officers will ensure that you get to know the features related with the loan package you choose and that it fits into your exact financial capabilities. When looking for a home, you need to find a realtor who knows the real estate market inside out and is committed to working on an efficient, low cost package that allows you to save on cost and get affordable mortgage solutions
It is advisable that one get the Renovation Loan Package. With this package one gets, a home buyer is able to finance the purchase and future renovations on the house with the same loan. Besides this, the Renovation loan has other very great features. The amount of cash you are allowed to borrow for buying and future repairs is based on the appreciated value of the house after the improvements and renovations are done. Since renovation costs are spread across the entire duration of the loan, monthly installments are relatively lower than other loan packages. After closing on the loan, there is no need to postpone developments.
Another very unique feature of this package is its simplicity. It has only one application, one set of payment, one closing to attend and one payment to make each month. There are no complications to the loan. The profit on the cost of repairs is taxable.
Other features of the renovation loan include low down payments of as little as 3.5% for the refinancing, the loan rate is up to 97.75% of its value after renovation, eligibility of properties where single family units and homes in planned developments are eligible, the underwriting guidelines are very flexible that is you must have a credit score of 640 and you don’t need to be a first time buyer and you get maximum loan amounts of 96.5% after renovations. For a refinance it is 97.75% these amounts are however subject to the FHA limits.
The stages for renovation are as follows: first purchase the property of choice. Then you get the preliminary costs and a total overhaul. Renovate the house by making it water and windproof and the...