Practice Possibility Thinking
The folks who urge you to get preapproved for a loan rarely mention that you can choose from hundreds of loan products. Each of these products may vary as to interest rate, down payment, credit standards, monthly payments, mortgage insurance premiums, qualifying ratios, closing costs, eligible properties, occupancy standards, and many other terms and conditions. In fact, banks and mortgage brokers may not offer many of the best purchase and financing possibilities.
Sometimes you can even design and create a financing plan. Though most borrowers choose some off-the-shelf loan product, some lenders (and many sellers) will customize specifically—if you know how to ask, and what to ask for.
As you read through our articles and reflect upon the ins and outs of property finance, ask yourself, “Would this idea work for me (us)?” Today, financing options exist for nearly everyone who wants to own a home, refinance a home, or buy an investment property. Know the possibilities. Cut wasteful personal spending. Shape up your credit profile. Lift your credit scores. Look for ways to reduce the costs of your loan. Explore the many paths that lead to alternative financing.
As you will see, possibility thinking pays big returns.
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