Here is a list of the types of transactions that we handle, but we are not limited to:
401(k) - In these transactions, you can use your 401(k) to purchase property or use your funds to lend as a private mortgagor in a purchase money transaction.
1031 Exchange - This is a transaction that involves a type of tax credit which allows owners of business related properties to exchange one property for another that is of equal or lesser value and will not have to pay a capital gains tax.
Assumptions – This is a transaction where the seller’s mortgage can be assumed by the buyer when the home is sold. Usually, the buyer must qualify in order to assume the existing mortgage.
Cash Purchase – A transaction where the buyer uses cash to purchase a property. No lender involvement.
Commercial Transaction – These transactions involve a zoned commercial property/building or sometimes refer to a large number of investment properties where a commercial blanket loan is used for financing.
Construction Loan - A transaction that uses a short-term mortgage to finance the construction of a home before the permanent financing is obtained.
Conventional Mortgage – A transaction where the mortgage is given by a company or investors that do not have government backing. This can include fixed rate and adjustable rates.
End Loan – The final transaction after an investment purchase or construction loan.
Equity Loan – This is a transaction where a line of credit is secured by the equity in a property. These loans are usually set up to be revolving and with an adjustable interest rate. Equity Loans are sometimes referred to as a HELOC (home equity line of credit).
FHA Mortgage – A transaction that involves a mortgage that is insured by the Federal Housing Administration. This is also referred to as a government loan.
For Sale By Owner – A transaction where the buyer and seller are agreeing to the terms of a home purchase without the involvement of a realtor.
Foreclosure – A legal process where the owner is in default under his mortgage terms and did not redeem their interest in the redemption period. This can involve a forced sale at a public auction with any proceeds of the sale being applied to the foreclosed mortgage.
Foreclosure Redemption – Is a transaction where an owner is in default of the mortgage but is still in the redemption period. They are still the legal owners of the home and can sell it and payoff the existing mortgage and keep any proceeds.
Hard Money Loan- This is a short term loan usually at a higher interest rate based on the value of the property. Many times these loans are given by private lenders in properties that need to be rehabbed and don’t yet qualify for traditional financing.
Land Contract – A transaction for property between a buyer and seller where the buyer usually puts down a large down payment and the seller provides financing and the buyer repays the seller in installments – usually ending in a balloon payment. With this the buyer takes possession of the property, but the seller retains title until the buyer has paid the seller in full.
Private Mortgage – These mortgages are given by private people or companies that have money to lend you if secured by real estate. They are usually at a higher interest rate and for shorter terms than conventional or government financing.
Refinance – A transaction that pays off one loan with the proceeds from a new loan using the same property as collateral. See two types below:
Cash Out Refinance – A refinances transaction which the borrower obtains a new mortgage at a higher amount to pay off the existing loan, pay costs needed to obtain the new loan and using the remainder for personal use.
No Cash Out Refinance - A refinances transaction which the borrower does not receive cash. The new amount of the loan is calculated to cover the balance owed on the existing loan and any costs involved with obtaining the new loan.
REO (Real Estate Owned) – These are transactions where a foreclosed property is being held by a lender.
Reverse Mortgages - This is a transaction where someone must be 62 or older and is used to disburse the equity in the property to the owner either in one lump sum or multiple payments. There is no repayment until the owner leaves, sells the home, or dies. There is required HUD counseling to explain the program in detail before they will process your loan request.
Self Directed IRA - In these transactions, you can use your Self Directed IRA to purchase property or use your funds to lend as a private mortgagor in a purchase money transaction.
Short Sale – This is a transaction where there is an agreement between the owner in distress and the lender to sell the property for less than what is owed and remit the proceeds to the lender.
VA Mortgage – A transaction that has a mortgage that is guaranteed by the Department of Veterans Affairs.
If you have any questions about these transactions or any other types, please let us know. If you need to be put in touch with someone who specializes in any of these types of financing, we can help you with that as well!