Usually home owners are always looking for strong cash buyers as it ensures quicker and stress free transaction. But cash buyers are always fewer and in these times of pandemic with income of most of the people taking a dent, they have become extremely rare.

After a temporary lull due to pandemic, buying and selling activity in real estate has again picked up with enhanced vigour. Prospective buyers are frantically looking at cash in hand and their credit scores to check their eligibility for various financing options and there are quite a few of them.

One of the first places buyers throng are local banks. They continue to be main source of financing for most of the buyers. Though old days of cheap loans with lower down payment and less than satisfactory credit scores being admissible, are gone. These days banks are offering basic loans where down payment and EMI are dependent on your credit score.

Mortgage brokers have become more trustworthy these days. About a decade back, anybody could join a mortgage company and don the hat of a mortgage broker. But now strict background checks are in place and the entire process for getting licence has become very stringent. Potential buyers are given a clear picture regarding loan fee and the entire financing process in a very transparent manner so that there are no shockers during the time of closing. Mortgage brokers also give you a customized loan programs with features and options specifically included for your requirements.

If you are an investor, specially a flipper who needs quick money and for short duration of time and are finding it hard to qualify for the bank or mortgage company’s loans then hard money lender could be one of best options because they do not care about the usual lending guidelines that are strictly adhered to by banks or mortgage companies. All they care about is the borrower’s capability to pay back the loans. But on the downside, they charge a much higher fee and the interest rate could be double digit. These loans should be availed if you need short term financing for up to 6 months.

If you are planning to buy a house want to know about more about financing, you can get in touch with the experts with the American Made Home Solutions and we can help you with finalizing the best financing option for your budget and specific requirements.