- Adjustable rates
- No documentation required
- Interest only
- Reverse amortization
and on, and on, and on.
Because we specialize in foreclosure marketing about once a week I meet someone who must sell their Gatlinburg area real estate quickly. They have gone for the bait, the hook is set, and they are being dragged inexorably toward the surface where they won't survive (financially) for long. In fact, they have already caught a glimpse of their future destination and it isn't very pretty. Every over-extended borrower can look forward to their own "frying pan" which can include embarrassment, divorce, job loss, and depression or even worse.
If you've stuck with me this long please take heart. While very few fish ever get off a well set hook the key is not to take the bait to begin with. I have been working with two young couples recently who recognize that they can own a home for less than what they can rent it for. Further, they are committed to sensible loans at fixed interest rates the likes of which we haven't seen in MANY years. They have a good understanding of what they are doing and although both couples are comprised of two wage earners their budget is such that they will be able to pay the modest mortgage and their other bills even with only one income should the need arise. This sensible behavior is somewhat like that of an older, wiser fish that recognizes the expertly tied fly for just what it is - bait - and avoids even the slightest contact with it, preferring to find edible (and so much safer) food elsewhere.
This is a tremendous opportunity to purchase real estate at prices and loan terms that we haven't seen in decades. If you are paying to rent your residence and would like to discuss owning your own home, please contact me. We specialize in working with first time buyers and can help you avoid the bait and those nasty hidden hooks. If you've long considered owning a vacation home in the Smokies this may be the best time this decade to make your dream a reality. To live in or just to visit occasionally, you can't beat a beautiful Gatlinburg/Pigeon Forge/Sevierville home!