Purchasing from Trio
As you work toward your mortgage qualification, let’s take this month to discuss your two main options in purchasing your home from Trio.
The three ways you can purchase your home include:
Paying cash (most of us don’t have a few hundred thousand sitting around…)
Financing with a traditional mortgage
Financing by assuming the OwnOption Mortgage
Purchasing with cash is quick and easy, but since most of us don’t have a few hundred thousand sitting around, let’s focus on traditional mortgage financing and assuming the ownoption mortgage.
Under either scenario, before Trio will begin working on your purchase, you must first work with your coach to confirm your likelihood to qualify. Then you must make application with our preferred lender who is the only provider that can work with you on an assumption. See your lease details under purchase option and assumable mortgage for details.
A new mortgage will have today’s interest rate and include an entirely new set of closing costs. It is going to be more expensive than assuming, but if interest rates have gone down since your lease started, it may be a good option. Use your earned Home Purchase Assistance from Trio to help.
Assuming the existing loan is the most cost effective and least timely option. A new appraisal is not required and our lenders agreed to fix their costs as low as possible. Plus, the interest rate and term transfers to you at assumption. Ask us if your lease is eligible for down payment assistance.
Once you are ready, let your coach know.