When it comes to Highlands NC Real Estate there have always been creative ways to finance a home. There are interest only loans, ARMs, owner financing, balloon mortgages and more. In today’s real estate world, where lending is tougher, often getting creative with financing is the way to get a deal done.
A balloon mortgage is a loan that involves the unpaid principal amount of the loan being due in a given number of years, whether it be five years, ten years or another specified time. Buying Highlands real estate with a balloon mortgage can be a good idea if you are not planning on staying in the house for the entire amount of time. The balance of the loan must be paid in full or refinanced when the time of the balloon is up.
An ARM loan is an adjustable rate mortgage. This type of loan adjusts to whatever the current rate is when the low interest period is up. A two year ARM can be good if you plan on keeping a property for two years or less, especially helpful if you are waiting to sell another home before financing in full.
Acquiring a loan for a Highlands property can be tricky these days and creative financing is often necessary. If you are exploring the idea of buying Highlands NC real estate contact us today. We can recommend people to talk with regarding financing and explain to you the different types of loans. We also have access to all listings that are currently for sale in the the Highlands area.
For more information about Highlands and Cashiers North Carolina, and for access to the Highlands/Cashiers NC MLS, contact Meadows Mountain Realty today, 828-526-1717 or email us today at [email protected]