03 Nov Am I Restricted on the Type of Loan That I Get or Can I Use Any Type of Loan Product as Long as I’m “Approved?,” with Nick Prefontaine
In this episode of Not Just A Transaction, host Nick Prefontaine discusses the different loan options available for buyers at the end of their rent-to-own agreement. He explains what loan most Pre Property Solutions buyers are the best fit for, and how much of a deposit he recommends and why the amount you put down can be beneficial.
Glossary of Special Terms Used in this Episode:
- Rent-to-own – An agreement between a homeowner and a renter that gives a renter the option to purchase the rented property during or at the end of the rental period.
- Lender – A bank, credit union, or other financial institution that provides mortgage loans to qualified buyers.
- Deposit – An amount of money paid as an installment towards a purchase.
What you’ll learn about in this episode:
- How Pre Property Solutions help to educate buyers throughout the process
- Are buyers restricted to a certain type of loan at the end of their rent-to-own agreement
- What differences should buyers be aware of when selecting an FHA loan vs a conventional loan
- Why is a conventional loan typically considered best for Pre Property Solutions buyers
- Why does Pre Property Solutions recommend that their buyers get over a 10% deposit on the home
- Why is an additional downpayment is needed for some buyers
- Pre Property Solutions website: https://www.prepropertysolutions.com/
- Contact Us: https://www.prepropertysolutions.com/contact/
In 2003, Nick Prefontaine was in a snowboarding accident that left him in a coma for over 3 weeks. The doctors told his parents that he probably wouldn’t walk, talk, or eat on his own again. Less than 3 months later, he was running out of Franciscan Children’s hospital. Now Nick speaks to groups that benefit from his message of overcoming adversity.
Nick grew up in the real estate industry and got started at an early age. Most notably, he was knocking on Pre-Foreclosure doors at 16, doing up to 50 doors a day. This experience helped shape Nick’s real estate career. When someone opens the door you better have something compelling to say.
Now, Nick specializes in working with lease purchase buyers to get them into a home and on the path to home ownership. That includes working with them throughout the entire deal which ends in them being able to get their own loan. Getting buyers to the finish line is something Nick and the entire Pre Property Solutions team take pride in. That is something that separates them from their competition. Regardless of a buyer’s credit situation, he looks at their complete financial picture and comes up with a plan to get them into a home.