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Advantages of self-financing for Fort Worth first time home buyers

With the current economic state, most of the Fort Worth first time home buyers have always considered accumulating enough funds to finance their homes before buying their homes. With that they do not necessarily need to rely on mortgage lenders for purchasing funds. Personal financing has always proven to be more beneficial as compared to financing with the help of a mortgage lender. Here is Fort Worth first time home buyers advantages of own financing:

  1. Lower cost of purchasing a home: Unlike lender financing, the processes involved in own financing are lesser hence meaning lesser cost involved. Also a mortgage lender who is looking forward to dispose the home faster will opt for own financer rather than a first time home buyer who depends on a mortgage loan. This is because own financers does not require much process hence shortening the purchase period.
  2. No interest charge for first time home buyers: First time home buyer loans Fort Worth always charge a given percentage as interest. This interest always piles up to a considerable amount of extra money that one has to pay. To some extreme extents, the interest rates always total to above 50% of the home purchase price. This hence shows that own refinancing is much cheaper as compared to financing with a mortgage loan.No interest charge for first time home buyers: First time home buyer loans Fort Worth always charge a given percentage as interest. This interest always piles up to a considerable amount of extra money that one has to pay. To some extreme extents, the interest rates always total to above 50% of the home purchase price. This hence shows that own refinancing is much cheaper as compared to financing with a mortgage loan.No interest charge for first time home buyers: First time home buyer loans Fort Worth always charge a given percentage as interest. This interest always piles up to a considerable amount of extra money that one has to pay. To some extreme extents, the interest rates always total to above 50% of the home purchase price. This hence shows that own refinancing is much cheaper as compared to financing with a mortgage loan.
  3. No qualification requirements: To be approved for a mortgage loan, one has to fulfill a series of requirements. Failure to satisfy any of the loan requirements will mean that you are not eligible for a loan which may make you opt for other loan programs that tend to charge higher interest rates. Unlike financing with the assistance of mortgage loans, Self-financing does not need any requirements since the home buyer has his own money in hand to purchase the home.
  4. Complete and peaceful right of home ownership: Having a mortgage loan to be serviced for as long as 30 years is not comfortable at all most especially if it was for home purchasing. An own financer will not have to suffer this haunts since he pays the whole cost covering the purchase process at once. Again, a self-financer will not have the worry of his home being taken by the mortgage lender due to cases of loan default.
  5. Faster closing of the purchase process: Unlike self-financiers, mortgage financed home buyers always have to wait for the bank officers, inspectors and underwriters to access the home before the buyer is allowed to move in. This to assure the lender that the house is in a standard condition in case of future ownership in case of buyer default. Self-financers do not have to undergo this process since the money used is their own.

In conclusion according to these advantages, it is advisable that Fort Worth first time home buyers create their own funds to purchase homes other than depending on the mortgage lenders.

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