What Are Family Mortgages?In a time when mortgage loans are hard to get and unemployment rate is high, buying a house can be hard for so many even if they have the funds. Enter family mortgages. These types of loans are becoming more and more popular because it’s a win-win situation both for family members and the homebuyers. On one end, adult children are able to afford the house of their dream thanks to the help of their parents and the parents get to earn a greater interest on their investment instead of dabbing with the risky stock market. According to USA Today, over 12 million in loans has been financed already through these types of family mortgages. These intra-family loans have helped financed down payments of $18,500 to refinancing opportunities that were 1.17 million.
This type of loan also works really well for homebuyers looking to buy foreclosures or all-cash properties which is a competitive area in the real estate industry. So if one potential homebuyer has the upfront cash versus another person who is dealing with another type of mortgage financing, the first offer might seem more credible.
The National Association of Realtors says that last year 9% of the first-time homebuyer market made a down payment thanks to a loan they received from a friend or relative. And, almost 30% of people surveyed for NAR’s annual Profile of Homebuyers and Sellers said the same.
If this type of intra-family loan can help you get your dream home, it’s worth sitting down and having a discussion with you relatives about it. You can research it online and find the guidelines or even realtor that has experience in family mortgages. Once you have your budget, shop around to maximize the funds you have available. The San Antonio moving specialists remind you that it’s a great time to be buying with low home prices and a high inventory.
When you’re ready to move in, all you need to do is call you friends at All My Sons of San Antonio. We are part of the All My Sons Moving and Storage moving company with offices in various locations from Salt Lake City to Atlanta and beyond. The All My Sons movers are reputable and credible across their many communities, even providing some with pro-bono work and giving back so you’ll be in good hands. Our San Antonio movers will quilt pad wrap your furniture, help you with assembling and disassembling certain items and make sure your moving day is stress-free.