While the traditional home buying process can be confusing enough for many people, this process can quickly become even more complex when purchasing a home on Native American or Alaskan tribal land. This is because much of this land is held in trust by the US government in order to prevent private owners from seizing the land and ultimately removing it from the control of the tribe. This fact can make it virtually impossible for a prospective home buyer to secure mortgage financing through a traditional lender since the lender will be unable to foreclose and seize the land if the loan is not repaid as agreed.
Should you choose a custom loan term for your next mortgage? While many home buyers and owners may only be aware of standard loan lengths — often 15, 20, or 30 years — you can actually customize your loan to reach your own unique goals.
How should you choose a custom loan term? Here are three strategies that any homeowner could apply to their situation.
Target a Life Event
Why do you want to pay off your mortgage loan earlier than the standard time frame?
Are you looking to purchase a rental property, but need financing in order to do it? If so, you'll need to secure a loan. However, this type of loan is a bit different from getting a loan for your primary residence. Here is what you need to know about the following options for rental property financing.
You always have the option to get a conventional mortgage for your rental property.
If you do not have a bank account, you are missing out on a lot of services and benefits. Some people choose to live on a cash system and feel they do not need a bank account. While some people can get by without one, you can reap many benefits by having a bank to use. Here are four reasons you should consider opening a bank account if you do not already have one.
Personal loans offer a way to borrow money without providing collateral, and you can borrow money through them for any reason. If you want to complete home repairs, you can use the proceeds from a personal loan. You can also use the proceeds to consolidate debts or pay for an upcoming vacation. As you can see, personal loans offer many benefits, but did you know that they can also help you improve your credit?