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If you are determined to buy a home in South Florida you may need to apply for a mortgage loan.
Basics understanding on mortgage loans are good for anyone interested in buying a home.
However, it is always recommendable to be assisted by a professional Real Estate Agent and a Mortgage Broker during the entire process.
Lenders are used to be ingenious when it comes to loans to make people possible to buy a home. But sometimes mortgage loans are issued despite the consequences of a buyer's ability to pay.
So that’s is why we will always recommend you to hire a professional so you don’t have to deal with it alone.
First, you need to learn what a non-traditional loan is as well as what traditional loans mean so you can decide which one is better for your financial situation.
Non-traditional loans require the buyer to pay only interest for a period of time and no principal payments. In this case, payments will be low since the buyer is not paying on the principal. If it is a short-term mortgage, buyers can benefit from reduced payments that may allow him, in some way, to borrow a bigger amount of money for the same loan. However, it all depends on the duration of the interest-only period. The non-traditional loans also include a payment option allowing the buyer opt from a variety of payments which is called “negative amortization”, interest only or totally amortized.
Traditional loans require the buyer to pay the principal and interest by following a payment schedule with a down payment.
Fixed loans and conventional loans are set up into the same parameters.
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