Real Estate Financing Review and Loan / Mortgage Guide:

Do you want to invest in real estate? Are you looking for real estate financing? If you live in Florida, Las Vegas, Los Angeles, New York, or Phoenix, then I'm sure you have heard all the predictions for real estate prices over the next few years. I live in Las Vegas and according to the experts we are still waiting for the "real estate bust" here in Nevada. As a local resident in Las Vegas I don't think there will be a big bust, rather I think there will be a correction period (which we are in now) where prices drop a few percent for a short time. If you are trying to finance a piece of commercial property then remember, as a general rule the minimum cash down payment required for a land developer to purchase a piece of land is 30%. That is a lot different than trying to buy a house (condo, townhouse) where you can put down No Money if you have good credit. Getting financing for real estate (especially in Mexico or some international location) today can be very confusing with all the options like interest only, 30 year, 40 year loans, option arms, heloc, and the now popular 2nd mortgage. The Most Important Rule is to ask a lot of questions to your bank (broker, lender) when you are applying for financing and looking at your options.

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Real Estate Investment Financing:

Would you like to get financed for a real estate deal? There are a lot of choices when it comes to getting financing for an investment property. If you are buying a 2nd home as a real estate investment then your best bet is to talk to the bank that holds the mortgage on your primary residence (they will be familiar with your situation). You can expect that your interest rate on a vacation home (or second home) will be about 1% higher than the rate on your primary home you live. It can vary a little depending on your credit (fico score), job, assets, and debt, but loans for investment properties always have a higher rate than loans for your primary residence. When it comes to investing in real estate you have to be careful not to buy more property than you can handle. I found a great website that describes every type of loan there is and you can find it at erate.com/commercial_mortgage_loans_retail_office_apartment.htm. I live in Las Vegas and a lot of my friends tried to buy a condo (as a 2nd home) in these new communities (and developments) when the market was booming here. The one thing they didn't know going in was that the interest rate they would get on a second home would not be anywhere near the financing they got on their primary residence (as we described above). If you have a credit score above 720 and a work history of 24 months in the same field then you should be able to get decent financing on an investment property. One thing that will drastically improve your chances for financing on an investment property is to have some $ to put down, at least 5% and if you can get 10%.

Commercial Real Estate Financing:

Do you need to get financing for commercial real estate? If you are hoping to buy commercial real estate remember these tips: 1. Don't make any large purchases during the loan process. 2. Obtain a gift letter early and keep it on file. 3. Obtain insurance quotes for the property. 4. Make a year to date financial statement. 5. Reserve an appointment to inspect property. Getting financing for commercial real estate can be tricky and these rules should help you save a lot of time and headache. Most business owners just lease the space for their business because they can't afford to buy the property (or the down payment). Unlike residential property where a buyer can get financing with 0 money down (in some cases), in commercial real estate you had better have 20% down if you want to get the banks attention. If you need to get pricing for a commercial property try lendingtree.com. where you can get free quotes and select the lender that fits your needs. Buying commercial real estate is not something that a beginner (or even a seasoned investor) can just jump right into. Getting financing for commercial real estate is much more complicated than getting a mortgage for a house (or any property you can live in) and therefore it's a bigger risk when you try to sell the property one day.

Real Estate Investing Forms :

Do you want to download helpful real estate investing forms? No matter what type of real estate deal you are involved with, you are going to have to use certain legal forms to legalize the transaction. If you going to rent to own a house then you will need a "lease to own contract", or if you are trying to sell your house without a realtor (the FSBO route) then you will need the "seller forms". A great website to find and download real estate forms is money4investors.com/Forms.aspx. Their website has contracts and forms for deed claims, rental agreements, land contract, vacant house, etc. Before you get yourself into a potential problem you would be wise to read up on all the laws and rules that will be crucial to your financing.

Real Estate Financing Tips - Books - Advice:

If you are looking for real estate financing then you should spend some time researching and learning how the industry works (with credit scores, type of property, job requirements, etc.). I am in the process of buying another home (here in Las Vegas, Nevada) and one thing I learned is that you need to buy a more expensive house in order for it to be your primary residence. The house I live in now is worth $235,000 (although I only owe $165,000 on an interest only mortgage loan) and the house I'm hoping to buy is worth $279,000 which is good for my situation. Banks and lenders don't like to see borrowers buying a 2nd home if it's not valued at more than the house they currently live (banks want to see a legitimate reason as to why the borrower is moving like bigger house, pool, new zip code, etc.) Another tip to remember is that if you are trying to get a home loan it's in your best interest to have a 2 year work history in the same field before you apply for a loan. Banks don't like to loan money to people that switch jobs all the time (looks like an unsteady, high risk applicant) so they charge fees and higher rates for those borrowers. A couple of great websites to check out for real estate financial advice and tips are century21.com/finance/learn.aspx, and realtybluebook.com which is a great book that will give you all the necessary information before making a deal.

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