Seven Choices You May Get to Make With a Custom Mortgage Program
If you're in the process of buying a home, it's important to have as many options as possible when it comes to your mortgage loan. You should be aware of the fact that custom mortgage programs are available that could maximize the amount of control you have regarding your mortgage loan.
The following are seven choices you may get to make with a custom mortgage program.
Down payment amount
A traditional mortgage lender might demand that you put a certain amount down on a property before you can be approved for a mortgage.
On the other hand, a custom mortgage program will be able to take into account your unique financial situation and savings. This can make it possible to put more or less down on a home according to what makes the most sense for your finances.
Loan term
Traditional mortgages don't usually come along with a great many options when it comes to loan term length. If you're not happy with the loan term options you have available with traditional mortgage lenders, it's a good idea to look into a custom mortgage program.
Interest rates
You also may find that there are only certain interest rates available to you with traditional mortgage lenders according to your credit history and income level. You'll probably have more interest rate options with a custom mortgage program.
Loan Amount
Some consumers who are in the process of buying a home don't only need to borrow the closing value of the home. They might want to borrow additional funds to invest in renovations. These consumers might do better with a custom loan program since such a program might offer more loan amount flexibility.
Private Mortgage Insurance Requirements
Mortgage insurance is typically required with a standard mortgage. However, private mortgage insurance might not be required with a custom mortgage program.
Even if mortgage insurance is required, a custom mortgage program often gives consumers more freedom to choose which mortgage insurance provider to buy from.
Lender Services
You might be able to take advantage of added lender services with custom mortgage programs. These could include special features such as budgeting and repayment consultation services, for example.
Ability to Roll Late Fees
Unfortunately, late fees sometimes come up for a borrower throughout the life of a mortgage loan. Some custom mortgage programs offer the ability to have certain late fees rolled so that they are put into the loan principal. This can make mortgage repayment significantly easier to budget for over the long term.
Contact a company like Secure One Capital for more information about custom mortgage programs.
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