- Consider a low-documentation, no documentation or sub-prime mortgage. You will pay a higher interest rate but it will help build your credit and equity.
- Also, check out these government agencies:
- Freddie Mac.
- Fannie Mae.
- www.hud.gov/fha.
16) OTHER MORTGAGE OPTIONS:
- Bi-weekly mortgages,
- Customized mortgages – usually offered by local banks,
- Use investment portfolio as collateral and a smaller cash down-payment.
17) HOME INSPECTION. Have an inspection done by someone with accreditation (www.nahi.org).
18) REMODELING? If you remodel, be diligent about keeping records. The right improvements can decrease your taxable gains when you sell.
19) CAN’T AFFORD TO BUY NOW? But want to get into real estate? Check out REIT (real-estate investment trust) stocks or REIT mutual funds, www.investinreits.com.
(Copyright Down-to-Earth Finance LLC 2006)
