Tuesday, January 3, 2023 / by Evelyn Lopes
Finances Knowing your Options_Times Change but money stays the same
One thing is true... Times change, but money stays the same
As the mortgage market continues to change, you will likely notice more advertisements for rates and programs that might sound too good to be true.
The financial industry is adapting and is offering more options than ever before. and some of the options are truly exciting!
New products have new rules that are designed to attract people in different phases of their life journey.
There are some new and revised products that you, or the people you care about , might hear about.
- is where there is a financial agreement in which homeowners use the equity in their home in exchange for regular payments to the lender. This type of mortgage is typically used when the borrower wants to supplement income- such as in the case of supplementing a retirement income.
Bank Statement Mortgage Loans
- are Loans based on the Personal or Business Bank statements of the borrower . These statements are used to calculate household income
Debt Service Coverage Ratio also known as (DS-CR)
-are Loans are based on the value, of the asset, or on a property's expected cash flow, like in the case of an investment property.
From these examples, you can see that although times may change- money remains the same.
When you or someone you care about mentions an opportunity that sounds NEW or Complex... Call me immediately and I can connect them with one of our trusted financial advisors who can help them make the complex simple. And a solid understanding of your options, helps to make the decision process not only easier but also more successful.