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Heritage Lending is so effective because they work with both traditional lenders and with individuals and groups that offer private money for real estate investment. Their sources of real estate financing are unparalleled. When it comes to construction loans, Heritage Lending can help you finance your dream home. But they are not limited to financing houses. They can handle loans for commercial buildings of any size, industrial buildings, the building of residential units and large real estate developments. If you need to find a loan to finance the purchase of your home, the Heritage Lending team is the experts you want to work with. They can also help you finance the purchase of almost any sort of real estate investment, including commercial properties, residential units and industrial properties. Refinancing your home or other real estate investment is often the key to maximizing your return. Ty Christensen and his team can help you find both traditional refinancing sources and private refinancing sources. When it comes to real estate financing, Heritage Lending is your expert source. Rates
The interest rate on a real estate loan is the rate, expressed as a percentage of the loan's value, charged you to use the money. Most lenders base the rate they charge you on some combination of the Prime rate set by the Federal Reserve. (Prime is what the major banks charge each other.) Other factors used to determine the actual rate you'll pay for a real estate loan or mortgage include your credit rating, your down payment expressed as a percentage of the total price, the length of the loan and the bank's appraisal of the property they are loaning the money on. Their goal is to minimize their risk. As a general rule, the lower your interest rate, the smaller your payments and the quicker you build equity. The same thing is true for down payments. The more cash you can put down, the lower your interest rate is likely to be. Interest rates are important to the whole real estate market because they affect the affordability of homes. The higher the interest rate, the higher the monthly payment; the higher the monthly payments, the fewer the number of people who can afford to buy. That's why the real estate market tends to slow as interest rates climb. When, however, you're buying a home where you plan to stay for five years or more, the general interest rates shouldn't be of much concern. What you need to know is how much real estate you can comfortably afford. Real estate is the soundest investment around, provided you don't get in a position where you have to sell in a hurry in a down market.
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