There are many of us who do have a good enough source of income and wish to buy property; however, we do not qualify for a loan. There may be many reasons for the same. You may have been denied loan because you started a new business or are going through a divorce. You can even be disqualified for a bank loan if you have changed your job or have moved to a new location. Do not be worried by it. Now you have the option to avail owner financing! Yes, owner financing can help you buy property without having to go to the bank. Owner financing is a new form of financing that allows the owner of a property to provide partial or total finance to the buyer.
Therefore, if you have existing mortgages and have been disqualified for a bank loan, check out with the owner of the property you wish to buy and see if you can avail this type of financing. With a substantial income, this type of financing is always better as you can pay off the loan in a shorter period of time without filing an application with the bank for a loan. Closing costs are also considerably lowered with owner financing. As a buyer, you also get the benefit of keeping your personal and financial history in complete secrecy with this financing.
If you are serious about buying the property of your choice through owner financing, it is suggested that you search the Internet or the yellow pages for a good real estate agent who can show you property that is available owner financed. A good real estate agent is just the one who can help you with all the financing queries and get you a nice property in a great location. Believe it or not, owner financing is an incredible concept today and has earned lot of fame in the real estate industry.