Financing Information - LEX SOLUTION
If you're like most buyers, a home or investment is the most expensive purchase you'll ever make, and you'll probably need some form of financing.
If you are using a conventional mortgage (using mortgage companies and banks typically) for your next purchase, be prepared to be asked to place 20-30% down - even with the best credit history - plus the interim expenses such as inspections, environmentals and title searches, on top of closing costs.
Financing is a major hurdle in real estate transactions for two main reasons:
1. Mortgage companies and banks are in a compromised position with foreclosures at an all time high, and demand 20-30% cash down or proof of funds from prospective buyers; and
2. In a currently weak economy in Michigan, most prospective buyers need alternative methods of financing options to secure the properties most desirable at fantastic prices, but don't know how.
LEX REALTY CAN OFFER SOLUTIONS AND ALTERNATIVE METHODS FOR BOTH BUYERS AND SELLERS STUCK IN THE MUD OF TRADITIONAL FINANCING - WE TURN OBSTACLES INTO OPPORTUNITIES!!
There are several options buyers have in today's market: Land Contracts, Leases with Options to Buy that can get quite complex with Renewal Options, there are outstanding Mortgage Interest Rates available and many lending institutions offer a variety of Mortgage products. Financing options and rates can vary widely, so it is important to do your research and shop around to ensure you get financing terms or the mortgage that best meets your needs at the best price.
LEX offers its real estate clientele the unsurpassed option of having licensed attorneys review, negotiate and draft any real estate deal - conventional or non-conventional out-of-the box LEX Style. From the contingencies, rights and obligations involved in most Purchase Agreements to Landlord-Tenant Lease Terms, Lex can help prepare Legal Documentation for real estate transactions. LEX also has very good mortgage contacts in Michigan and is ready to help you in any way to secure the best possible rate for your home or business purchase. As an alternative to mortgages, LEX also has the unsurpassed capability to assist in Seller Financing Transactions, Land Contracts and other Alternative methods of purchasing property.
Use the mortgage calculators below to assist you in making some decisions around financing your new home.
This calculator will help you determine how much money you qualify to borrow. The results are informal. You will be subject to a credit approval from your financial institution taking into consideration existing debt load, amount of down payment, income and other variables.
This calculator will help you determine what your mortgage payments will be based on purchase price, interest rate and mortgage term, as well as other factors. The amortization table shows what the interest and principal payments will be over the term of the mortgage.