Can You Still Buy Without a Fixed Mortgage?

Buying a house doesn’t necessarily require getting a 30-year, fixed-rate mortgage.

More and more people are exploring alternative financing plans as it gets harder to get a conventional bank loan.

Here are some creative ways to pay for a home, according to some financial experts:

  • Securities-backed loans. The lender gives the borrower 80 percent of the value of his stock portfolio. Then the lender holds the stock for between three and 10 years while charging a 3 percent to 5 percent interest on the loan. At the end, the borrower gets his original shares back. Both win if the stock has increased in value.
  • Two-step mortgages. This fixed rate mortgage is amortized over 40 years, but the payment schedule is adjustable.
  • Constant-amortization mortgage. Buyers start with a higher payment, but the loan is constantly re-amortized, so principal is reduced faster than with a conventional loan.
  • Family loans. In the most successful arrangements, the family puts the agreement in writing and the lender charges the borrower a rate of interest high enough to pass IRS scrutiny, thus avoiding any gift tax.
  • Assuming a mortgage. Buyers interested in purchasing a house in the pre-foreclosure stage might ask the lender if they can assume the mortgage. In some circumstances this can be a good deal.

Source: Forbes, Matt Woolsey (01/26/09)

Nia Knowles, Realtor

AREA West Realty Group, llc

Certified Short Sale and Foreclosure Specialist

  • First time homebuyers’ Agent
  • Listing Agent/Seller specialist (Investor, Relocation, Pre-Foreclosure,Estate Sale)
  • Atlanta down payment assistance expertise
  • FHA 203K renovation loan experienced
  • Broker Price Opinions (BPOs)

Hello! Welcome to my blog. I hope you’ve found it to be helpful.  If you are in the market to Buy or  Sell a home within the South West Atlanta area, please feel free to give me a call.

I am a local West End resident and specialize in two of the best In Town neighborhoods of Atlanta; Historic West End & Westview.  I’m not just saying that we are the best,I have found this to be true- I moved  here from East Atlanta!  If you are looking for homes reasonably priced, spacious, character filled and a TRUE sense of community within the city-  we’re here for you!  

For further information about each please view : www.westviewatlanta.com or www.atlantawestend.com contact any of the listed resources for neighborhood information as well as stats on crime, schools , shops.  Unfortunately my time is limited to my clients so I am unable to provide any general insight to our community beyond what I list on my blog.   However, after reviewing the above sites, and speaking with other residents, I’m sure you’ll come to agree these are great neighborhoods to relocate to and invest in.  Also, both communities have leaders that will provide walking tours.

If you are interested in becoming a client- feel free to give me a call 404-414-3289 or email niaknowsrealty@yahoo.com to set a time for us to meet. I look forward to working with you!

Want to know more about me? “Google” me- see all that I do within my communities, I’m serious about the continued growth and redevelopment of these wonderful communities within Neighborhood Planning Unit-T (NPU-T)!

 

Nia Knowles 

Skype ID: nia.knowles