With the real estate market offering up some record-breaking deals around the country, it is a proven fact the down payment is making its supreme come-back. Those have been tucking away small amounts of cash in their savings accounts, investment accounts, or even under their mattresses, are obtaining the best of the best in the real estate deals market.
Why are those with cash to spare, able to get better deals? With the recent bend in the stability of the real estate market, banks, finance companies, etc. are being quite particular with whom they choose to lend finances to. Perfect credit isn't a saving grace for investors or families anymore, nor is a healthy employment record. Although these are all great traits to have when applying for a home loan, finance companies are now using the phrase made popular by movie, Jerry McGuire - "show me the money!".
What type of money or funds are finance companies looking for? Cash for a down payment, or proof of down payment cash to get pre-approved. Companies in the past have allowed for smaller down payments on new houses or build sites; anywhere from ten to twenty percent. If you, as an investor, or a family home buyer want to get pre-approval fast, lenders will be looking for at least twenty percent down.
With the cuts in price on most real estate right now (whether you are considering Nacogdoches real estate or homes in Maine), twenty percent may not even be that much to come up with. Although, if you have it, or more, you have a great chance of buying your dream home on the cheap.
This extra money up front makes the lender feel as if their investment in you, is somewhat protected. Now, those other factors such as, steady employment history for at least two years, steady checking/savings account history and good credit, will also help in association with this down payment amount. But in ฝากขายที่ดิน the end, lenders want to know that if anything goes sour with your payments in a year or two, that they can be somewhat protected.
How long is this 'down payment come-back' predicted to exist? Some researchers and market analysis teams have determined that their predictions fall somewhere between six months and a year. This also means that this is how long the researchers are predicting the drop in housing costs to remain. So, truly, even as it may be a buyer's market for those who can "show lenders the money", for those who can, real estate and new home construction deals of a lifetime, await you.
ไม่มีความคิดเห็น:
แสดงความคิดเห็น