Residential Loans are some of the most common loan types, due to the level of property prices and amount of cash needed to outright purchase real estate property. Unless a person has significant amounts of cash available, financing is going to be the only option. Luckily, there are lots of options that we at Oak Tree Financial can help prospective buyers with in the Residential Loan process.
We have helped thousands of clients successfully obtain residential loans in amounts anywhere from $20,000 to $10,000,000. Our expertise is in providing borrowers who have been turned down by conventional lenders, who prefer to avoid the endless conditions required by these lenders, or just don't have the time by these types of lenders an easy and cost effective way of tapping into their equity or in purchasing the property they want. We do all of this very quickly thereby eliminating excess delays and with surprisingly affordable rates and aggressive terms.
The first step is to find out basic details about what type of loan you are seeking, such as the desired loan amount, type of property you are financing, and the estimated value of the property.
Borrowing Money for a Home
Financing for a residential home loan can vary in difficulty depending upon the market conditions, as lenders will become stricter with criteria as more borrowers are in the market. As times get better and there is more money available, the loans will be made more attractive to borrowers and easier to obtain. We know how stressful this process can be, and frankly just how many options there are available to you as a prospective home buyer.
Whether you are a first time home buyer, need a refinance loan, or just a traditional residential loan, we can give you the benefits or downside to each option and decide what is the best fit in that situation.
Fast Loan Approval
Real Estate Purchases
All Types of Properties - Units, Lots, 2nd Homes and Commercial
1st, 2nd or 3rd Trust Deeds
Private Money Equity Loans Available
A Red Door Means Mortgage-Free
Some mortgage facts are just plain fun. For example, in Scotland, people paint the front door of their house red once they’ve finally paid off the mortgage. You might want to invest in a bucket of red paint for when that day comes.
There’s a Lot of Mortgage Debt
The total mortgage debt outstanding at the end of the third quarter of 2013 was more than $13 trillion, according to the Federal Reserve. The type of property with the most mortgage debt in 2013 was one-to-four-family residences.
There Are Fewer First-Time Buyers
Usually, first-time buyers make up 40 percent of the housing market. But recently, that number’s been lower. In 2013, 38 percent of buyers were buying for the first time, according to the National Association of Realtors (NAR).
Mortgages Are Pretty Common
According to NAR, 88 percent of buyers take out a mortgage to pay for their home. Most buyers financed 90 percent of the cost of the home, meaning they paid a down payment of 10 percent.
Skipping Down Payments Is Still Possible But Not As Common
The number of people who financed a home without a down payment peaked in 2007 for first-time buyers, just before the housing crisis. The number peaked in 2009, at 16 percent, for all buyers. Today, about 12 percent of all buyers don’t put any money down, which might be surprising to some.