Most property owners do not stay in the first home that they purchase. Many property owners have lived in their property for several years and have built-up equity in their home. This property owner can either sell and use their equity for down payment; or if they've saved some money, they can rent their property and use their savings towards a purchase for their new home. If the income from renting their property has a positive cash flow, they can use these funds to offset the payment on their new home. Contact your E Real Estate Corp.
A lease option is an excellent alternative for buyers and sellers to convey interest in a property without actually conveying the property. A buyer and seller can agree that the buyer will pay a certain amount per month with a portion of monthly payment going towards principal reduction and/or down payment. The buyer and seller would agree to a sales price in which the transaction would be consummated sometime in the future. Time frame for the option is usually between 2 to 5 years. A lease option can be extremely beneficial to the optionee and optionor.
There are options to purchasing real estate other than conventional or government financing from a lender. A seller of real property can assist the buyer by carrying the financing under several different methods. The seller can carry a lease/option to purchase, a land contract, all-inclusive trust deed, or carry the first trust deed. Each situation is different with seller financing, the method that would be used would depend on what works for each individual buyer and seller. Contact your E Real Estate Corp. agent for more information.
Shopping for your real estate loan is as critical as shopping for the property. To get the very best interest rate, good income, good credit scores and a down payment is important but is not critical. A knowledgeable agent will always have options for a buyer with less than perfect credit. After establishing these factors, the next step is to have a knowledgeable lender or lenders. Some people go to their trusted mortgage lender; other people will get quotes from more than one lender and have the lenders compete for their business.
In America, there are several benefits to home ownership. First and foremost is that the property owner gets the comfort and satisfaction of owning their own home. There are also many financial benefits to home-ownership. The most obvious is that when the term of the loan has ended you will not have any monthly housing payment. In addition, the government currently gives excellent tax breaks for home ownership which can save you money. Owning your own home is also an investment. Over the last century real estate values has almost doubled in every decade.