Choosing a knowledgeable mortgage lender can make a difference in quality of home you are able to purchase with your finances. I prefer to recommend a mortgage broker to my clients, because they usually offer 50 or more programs. Regular mortgage companies are usually locked into one source. Take time to research a mortgage lender. And, remember, creative financing can be way to go if you need a higher priced home with more space. Home buying is different now then when your parents or grandparents purchased a home. When they bought real estate, 30-year mortgages were standard. That’s because 10-15 years ago, a person bought one or no more than two homes in their lifetime. Currently, Americans tend to own more than three homes in their lifetime.

Creative Financing Find a lender who knows business inside and out and can make your dollar go further. Ask your realtor to research housing market in your area, to predict a rise in property value for that area. When you seek a mortgage, obtain quotes from three or more lenders. Make certain at least one of these is a mortgage broker. Ask how many loan products they have to choose from.

Flexible Mortgage The 30 year mortgage is just one of many choices in real estate loan market. Rebecca Nichols, a loan officer with Breakwater Mortgage in Virginia Beach, says, “It’s not so popular anymore to do a 30-year fixed loan. People want options to help them get most value from their investment. Some want to pay lower monthly mortgages so out-of-pocked expenses are less. There’s no real reason anymore to be locked into a 30 year amortized loan.” Rebecca pointed out that in beginning of loan stages, most consumers are paying off interest anyway.

You need some more money for college expenses this semester. Do you whip out a credit card to pay for your books, or do you apply for a federal or private loan? Well, consider options –

-With a federal loan, your interest rate will be low (around 5%) and your payments will be deferred until 6-9 months after graduation. -With a private loan, interest rate will be slightly higher than with a federal loan but will still be lower than average. In addition, you will only need to make interest payments until after graduation. -With a credit card, on other hand, interest rate can be as high as 21%. Interest begins accruing almost immediately, and you need to begin paying off bill next month.