Helpful information on where to find down payment money for a home Your down payment can come from many different sources. When people find a home they like they sometimes get creative to come up with the cash needed to buy a home. If you don’t have enough money in the bank then the obvious solution is to borrow the money. Borrow money for your down payment When it comes to finding money for your down payment on your home…
Locating Owner Finance Homes Locating owner financed homes can be a challenge because there isn’t a single database that lists all owner finance homes for sale. Using a realtor to find owner financed homes may not be much help because most realtors don’t have much experience with owner financing and the MLS offers very few owner financed properties as well. You will have to be creative in locating owner financed homes in your area. I recommend you first try searching the…
A Closer Look at 30 Year Mortgages It is no surprise that the most common length of loan in the US is the 30 year mortgage. Is this just another example of Americans spending as much or more than they earn or is it something different? Borrowers are unaware of the substantial consequences of a 30 year mortgage. If it were explained to them the difference in equity position instead of simply lowering their payment at the time of loan application, I…
5 Things to consider with owner financing. 1. Interest Rate The interest rate along with the term determines the amount you will pay over the life of the loan for your home. If you have a high interest rate combined with a long term (years), it is possible that you could pay 3 times the sales price for the home if you make all the payments until the loan is paid off. When owner financing, a rate between 8-10% is considered normal during…
Traditional Loans, a Closer Look The Good. The good features of traditional loans are fixed rate, no prepayment penalty, and you get a deed to the property which means you own it as long as you make the payments. Having a fixed rate is good so that your payment doesn’t go up unless the taxes or insurance go up. Not having a pre-payment penalty is also good so that you can pay off your loan or refinance your loan without paying…
Owner Financing Advantages Easy Qualifying Owner financing or Seller financing has many advantages over traditional financing. The significant advantage is that borrowers that can’t qualify for traditional financing can usually qualify for owner financing if they have the required down payment. This is the largest advantage because it gives people the opportunity to purchase a home who normally couldn’t purchase with traditional financing. Lower Closing Costs With owner financing the closing costs are much lower than traditional mortgages. In fact sometimes there are no…
The Effects of No closing Costs The biggest thing about having no closing costs or very few closing costs is the fact that more of the money you bring to closing goes towards your loan balance building up your equity. In a traditional sale, you are required to pay up to 4% of the sales price toward your closing costs and another 1%-1.5% to put in your escrow account. On a $100,000 purchase that comes to $5000.00-$5500.00 dollars that you bring to…
Owner Financed Home Advantages Easy to Qualify There are many advantages of buying a home using owner financing. The biggest advantage is that it is usually much easier to qualify for the loan using seller financing. As a matter of fact, at Easy Buy Homes, you only need to come up with the down payment and you are qualified. You need to make sure that you can make the payments but you won’t be turned down for your loan with our program…
Help Wanted!!! I decided to start a company that sells owner financed homes to fill a void that is needed. There are many good hard-working people that want to buy a home but for one reason or another are unable to get a loan. Some have good credit, some have bad credit, some have no credit. Does that mean they shouldn’t be able to own a home? As a real estate broker I grew frustrated trying to help these people but I was unable…