We’ve covered, in detail, the specifics of getting mortgage loans before, but here are 3 other options you can look into when considering financing your home purchase.
“Pick any home for sale, and ZeroDown will buy it with an all-cash offer and make it your ZeroDown Home. Pay us a fixed monthly fee and build up Purchase Credits, which go towards buying the home when you’re ready. We created ZeroDown so that you don’t have to wait to live in the home that you want.”
This blurb from their site aptly and succinctly describes what you get with ZeroDown. If you’re looking to purchase a home for various reasons, but don’t have a downpayment saved, you might be able to purchase a home with ZeroDown.
Their model is referred to as a rent-to-own model, allowing you to build equity in a property while you are still ‘renting’ it, till you reach a point where you can fully own the property.
If you’re in one of the crazy markets where you find yourself constantly being beaten by all-cash offers, you might want to consider Board. They’re a “new type of mortgage company that upgrades any offer to a cash offer.”
With an all-cash offer, you stand a MUCH higher chance of winning the offer you placed on a property, and might even save thousands of dollars in closing costs!
You would similarly apply to them as you would with a traditional lender, and you will be able to make an offer using the pre-approved amount you get from them. For most cases, this is a no-brainer alternative.
A big complaint from homebuyers with regards to their mortgage how they feel that their home equity is locked up behind complicated terms and regulations. While you may have access to a home equity loan, you might find that navigating that process is confusing. You might also be looking for more flexibility in the equity that you build up in your home.
In such a case, Haus is the perfect solution for you. “Lower your monthly payments by 30% on average… Invest more in your haus anytime or sell equity to get cash when you need it. It’s as simple as that.”
Not only do you get away with paying less every month on average, but you also get the flexibility of buying more or selling equity locked up in your home for cash when you so wish to.
They refer to themselves as a ‘co-investor’ rather than a ‘mortgage lender’, which means that they share in the upsides and risks of appreciation/depreciation of the property. Note that this co-investor model means that you’ll be giving up leverage when buying a property (which might be one of the reasons that makes investing in real estate a great opportunity), but you might find that the flexibility in equity is much larger of a necessity for you.
Understanding your options means that you can make the best decision for you. Speak to your agent about your options, or feel free to chat with us if you want some thoughts on navigating the changing real estate landscape!