The prices of residential real estate inflating year by year. With this in mind, we don’t find it surprising at all that residential buyers, especially those from the younger generations (looking at you, millennials,) are finding it daunting to strive towards buying their first homes or first residential real estate investments. We all want to achieve financial freedom, and the thought of a mortgage getting in the way of that is an understandably scary thought.
Buying the Lafayette home you’ve always dreamed of shouldn’t have to be impossible. While investing in residential real estate seems like a tall order for most, we’re lucky to have a wide variety of options available in order to move forward with finally buying a home or investing in residential real estate. Read on for five ways you can do this with confidence and ease.
A Government-Backed Loan
If you’re looking for a loan that could provide you with smaller down payments and attractive interest rates, going for a government-backed Federal Housing Administration (FHA) loan. This is especially recommended for those who are purchasing their first home. If you can afford a 3.5% down payment and have a well-maintained credit score of at least 580, you may be qualified to even purchase a multi-family property and rent out other units if you would like to benefit from rental income. This is a great way to get your life started in terms of investments and achieving a better quality of living, especially for young families or millennials.
A Hard Money Loan
If you’ve found a hot Lafayette property that’ll sell out fast, and you absolutely have to close your home purchase, a hard money loan may be the best option for you. Compared to FHA loans, hard money loans tend to have higher interest rates. However, they also have excellent flexibility if you need to close your loan fast. Remember, cheaper mortgages typically take at least two months to close, which could cause you to not be able to close your home purchase before another buyer snatches it from under your feet. While this option isn’t the best option for those who plan to pay off their loans for longer periods of time, it definitely is something to consider for those who want to invest in prime lots and properties.
A Reliable Realtor
Regardless of how you plan to pay for your residential real estate purchase, you’re definitely out of luck if you don’t have a professional that can help you find the best prices within your specified timeline. A trusted and experienced real estate broker should be able to help you look through the market for the best options according to your needs, and make sure you’re guided, updated, and informed all the way until closing your home purchase.
Need a tried and trusted realtor for your Lafayette home purchase? Buy your dream residential property with ease and confidence with Titan Lafayette Real Estate. Whether buying, selling, or leasing, Titan Lafayette Real Estate is ready to guide you towards investing in the best property for you.