Denver Estate Real
Have you been looking at a piece of real estate to call your own, but can't get the financing through a traditional lender? Maybe it's time to look at some other options. When buying a home most people think they can only get financing through a bank, but that isn't so. There are other forms of financing out there. One form, which is quite popular, is known as seller financing.
Denver Estate Real
With seller financing the buyer pays a certain amount down to the seller and then pays the rest of the mortgage in monthly payments, much like he would a bank. Both parties agree to a certain interest rate which is paid monthly as well. This form of financing can be beneficial for a buyer in a few different ways. First off, homeowners aren't usually as strict when it comes to less-than-perfect credit. They are also more willing to work with a buyer on the type of payment desired, such as balloon or interest only.
Denver Estate Real
Sometimes they will even allow the plan to be adjusted at a later date to a different type. Generally, homeowners are more flexible with the required down payment, although many of them do prefer a higher payment. Also, the closing costs won't be as expensive because there are no loan points to pay, and the buyer can often move into the house more quickly because he doesn't have to wait for a loan to be approved.
Denver Estate Real
Seller financing isn't the only non-traditional method of financing, but it is one to consider. Don't give up on getting that house. You never know what a seller will be willing to do to help you out.
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