203k Loans vs. Other Types of Loans

The dilemma between going for 203K loans and other types of loans is one that people in low-income groups face on a regular basis. The primary reason for this is that most people are not aware of the basic benefits of 203K loans or even where they stand when compared to other types of mortgage loans and general loans.

1.  All in one mortgage loan versus a piecemeal loaning system:

If an individual wanted to buy a real estate property in disrepair and rehabilitate it to make it fit for living, he (or she) would have to get a loan for the acquisition process, get one for the rehabilitation process and finally get financing for paying them both. All these lending instruments would have their own amortization periods and interest rates that would have to be collated and reconciled with each other. Alternatively, a 203K loan would be a one-stop solution for all the processes i.e. buying the property and rehabilitating it. 

2.  High interest rates of mortgage loans versus affordable rates: 

One of the problems of getting other types of loans from the market is that the interest rates turn out to be quite high. On the other hand, 203K loans have interest rates that are lower and, hence, much more beneficial to the borrower in the long term. 

3.  Short amortization period versus flexible duration for the repayment process:  

Finally, most individual loan instruments in the market tend to have amortization periods that are extremely short and this, in turn, results in a lot of pressure being piled onto the borrowers. In contrast, the 203K loans have flexible amortization periods. This means that a borrower can have them short or long depending upon his situations and comfort levels.

In a nutshell, it can be conveniently said that, for individuals in low-income groups looking to rehabilitate a dwelling on some land, 203K loans are the best option.
 
Special Insiders Quick Start Guide
Discover The Insider Secrets To Saving Tens of Thousands on Your Next Home Loan Using The Government's 203k Home Loan Program
Inside This Free Report You'll Learn...
  • How to buy and fix up a property With as little as 3.5% down.
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  • How to Save Tens of Thousands of Dollars On Your Next Home
    • Insider Tips About Holdbacks & Disbursements
    • Items that are NOT eligible for 203k Loans
    • and much more...





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      Kim Greenspan
      203k Loan Specialist

      Email: Kim@WeSayOk.Com

      Phone: 262-650-9890


      Contact Kim Greenspan, your local 203k Mortgage Specialist, to setup a free consultation and develop your winning strategy for purchasing your new home with a 203k Loan. Me & my team will be honored to serve you! 

       
      First Fidelity Home Mortgage of Wisconsin, LLC
      Kim Greenspan
      Phone: 262-650-9890



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