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?