{"id":26183,"date":"2020-03-04T04:15:40","date_gmt":"2020-03-04T12:15:40","guid":{"rendered":"https:\/\/lenpenzo.com\/blog\/?p=26183"},"modified":"2023-05-13T12:47:33","modified_gmt":"2023-05-13T19:47:33","slug":"4-ways-to-make-getting-a-real-estate-loan-easier-2","status":"publish","type":"post","link":"https:\/\/lenpenzo.com\/blog\/id26183-4-ways-to-make-getting-a-real-estate-loan-easier-2.html","title":{"rendered":"4 Ways to Make Getting a Real Estate Loan Easier"},"content":{"rendered":"<p><a href=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2012\/06\/house.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright wp-image-13362\" title=\"house\" src=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2012\/06\/house.jpg\" alt=\"\" width=\"375\" height=\"281\" srcset=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2012\/06\/house.jpg 500w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2012\/06\/house-300x225.jpg 300w\" sizes=\"auto, (max-width: 375px) 100vw, 375px\" \/><\/a>Nearly everyone <a href=\"https:\/\/lenpenzo.com\/blog\/id1131-12-good-reasons-why-you-should-and-should-not-pay-off-your-mortgage-early-3.html\" target=\"_blank\" rel=\"noopener\">dreams of being a homeowner<\/a> someday. Others may want to build income through investment properties. However, in reality, obtaining real estate isn&#8217;t all that simple because in real life, even the least expensive homes cost quite a bit of money. Folks are then left asking themselves why they ever thought purchasing real estate was possible in the first place. Yet, with a little dedication and preparation, it is actually very possible for most people with steady incomes to find their own little piece of the pie.<\/p>\n<p>Here are four ways to make getting a real estate loan just a little bit easier:<\/p>\n<p><strong>Accrue a Larger Down Payment<\/strong><\/p>\n<p>One of the reasons that getting a real estate loan can be difficult, especially after recovering from a recession, is that lenders are looking for people who are very serious about paying off that loan. One way to help prove that you are a responsible borrower is to save a substantial down payment. Twenty percent of the purchasing price is ideal.<\/p>\n<p><strong>Monitor Your Credit Rating Early<\/strong><\/p>\n<p>Another way to demonstrate your responsibility as a borrower is to establish a good credit history early on in your financial portfolio. This is simply done by paying debts in a timely manner and keeping debt to income ratios down. An idea credit score is around the 740 mark.<\/p>\n<p><strong>Deal with a Small Bank<\/strong><\/p>\n<p>What if a loan seeker is struggling with a sizable down payment, high credit score, or both? A good strategy is to go to a local, smaller bank for funds. Large banks have stringent guidelines that they must follow. While smaller banks also have guidelines, sometimes they are a little more forgiving. Another great option is the local credit union.<\/p>\n<p><strong>Consider Owner Financing<\/strong><\/p>\n<p>If all else fails, think about approaching a seller with an owner financing proposition. At one time, this was a less-than-ideal situation for both parties involved. However, whenever real estate loans are difficult to come by, this can be a much more relevant option for people who need to sell property, as well as people who want to purchase it. The key to making this kind of arrangement work is to have very clear guidelines and expectations for both parties involved.<\/p>\n<p>Even so, if a person is looking to buy their own home or become involved in investment properties, there <em>are<\/em> ways to improve their chances of getting the money they need to make it happen.<\/p>\n<p>Before you get any type of installment loan understand all the fees and how interest rates are figured out. Saving a down payment and working for a high credit rating are two of the best ways to achieve this goal &#8212; but thinking about working with smaller banks and exploring owner financing are reasonable alternatives too.<\/p>\n<p style=\"text-align: right;\"><span style=\"font-size: smaller;\">Photo Credit: James Thompson<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nearly everyone dreams of being a homeowner someday. Others may want to build income through investment properties. However, in reality, obtaining real estate isn&#8217;t all that simple because in real life, even the least expensive homes cost quite a bit of money. Folks are then left asking themselves why they ever thought purchasing real estate [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":29913,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","pmpro_default_level":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[463],"tags":[],"class_list":{"0":"post-26183","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-real-estate","8":"pmpro-has-access","9":"entry"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>4 Ways to Make Getting a Real Estate Loan Easier<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/lenpenzo.com\/blog\/id26183-4-ways-to-make-getting-a-real-estate-loan-easier-2.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"4 Ways to Make Getting a Real Estate Loan Easier\" \/>\n<meta property=\"og:description\" content=\"Nearly everyone dreams of being a homeowner someday. Others may want to build income through investment properties. However, in reality, obtaining real estate isn&#8217;t all that simple because in real life, even the least expensive homes cost quite a bit of money. Folks are then left asking themselves why they ever thought purchasing real estate [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/lenpenzo.com\/blog\/id26183-4-ways-to-make-getting-a-real-estate-loan-easier-2.html\" \/>\n<meta property=\"og:site_name\" content=\"Len Penzo dot Com\" \/>\n<meta property=\"article:publisher\" content=\"http:\/\/www.facebook.com\/LenPenzo\" \/>\n<meta property=\"article:published_time\" content=\"2020-03-04T12:15:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-13T19:47:33+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2015\/03\/house.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"500\" \/>\n\t<meta property=\"og:image:height\" content=\"375\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Sabado Domingo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta 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