At some point, many people in Washington find themselves tired of renting a place to live and ready to invest in their future. How do they do this? By ending their relationship with their landlord and purchasing a home.
Common Types of Real Estate Loans
Just as someone can take out a loan to finance an automobile, a home buyer can also take out a loan to finance the purchase of a home in Washington. Common types of real estate loans that individuals may qualify for from WECU include:
Home mortgage loans
Home equity loans
Home equity lines of credit
Home refinance loans
Land and lot loans
Manufactured home loans
Rental property loans
Home Mortgage Loans
Those wanting to become a homeowner should apply for a home mortgage loan. This is a traditional type of loan that can help someone purchase and finance a home. Visit https://realestate.wecu.com/ for more details. There may be particular loans available, such as those for first-time homeowners and veterans.
Home Construction Loans
Those who do not want to purchase a pre-existing home but want a loan to build their dream home should look into home construction loans. A construction loan is designed to help home buyers finance the construction of a brand new home rather than purchasing a previously built one.
Loans for Land and Lots
Some people find the perfect piece of property in Washington, but the property does not have a home on it. This is when a land and lot loan can come in handy. With this type of loan, a person can purchase the land and later either move a home onto the property or build a house.
Rental Property Loans
Those that really want to invest in their future may dream of purchasing homes, apartments, or duplexes with the intention of using those buildings as rental properties. This is when a rental property loan can come in handy. Visit https://www.wecu.com/contact-us/ to learn more.
This type of loan allows a person to purchase and finance the home or a piece of property that they intend to rent out. Once they own the property, they can take on tenants and earn money renting the property to others. This is a great way to make an income by becoming a landlord in Washington.
There are many types of real estate loans available for today’s home buyers. Each loan type is for a different purpose, so be sure to do a little research and apply for the correct type of real estate loan. These loans are outstanding for people who desire to become homeowners and want to stop giving their money away each month to a landlord. These loans can also help people invest in rental properties and start earning an income of their own.
For over eighty years, WECU has been helping people in Washington become homeowners by offering an assortment of home and land loans. WECU offers affordable rates and low fees and provides many other services, such as student bank accounts and educational grants.