Financing Alternatives
In your quest to find the your dream lakefront property or wooded acreage you’ll need to consider not only the purchase price, but also the financing that you may intend to use. Beyond the sand frontage, towering pines and majestic view is the potential monthly payment! There are a number of options that my customers consider for their recreational property or retirement lakeshore parcel:
- cash
- home equity line of credit
- new mortgage
- self directed IRA
Generally speaking the two most common forms of financing are the home equity line of credit and the new mortgage. From a mortgage perspective the most common plan is 10% down and a 3 year ARM amortized over 30 years. And, the vast majority of my customers elect to utilize local (Northwood’s) financing. Many customers will elect to become pre-qualified and others will wait until they are ready to place a sales contract before contacting a mortgage lender. My customers have had great success utilizing the services of M&I Bank here in Woodruff, Wisconsin. Feel free to contact:
Deborah “Deb” Duncan
AVP – Mortgage Banking
M&I Bank
320 Oak Street
Woodruff, Wisconsin 54568
(O) 715-358-9021
(C) 715-892-2445
Deborah.duncan@micorp.com
http://mibank.com/djduncan
The Self Directed IRA is becoming a popular financing/investment mechanism for procuring lakeshore property for long term investment and/or retirement. For complete information contact:
Entrust Group
Joedy Patrick
800-501-1228
http://www.theentrustgroup.com/locations/franchises/22/
