12:02 15 March 2013
Despite the difficult economy and the faltering real estate industry, there are still opportunities to get great deals on a new home in the UK. If you do your homework and prepare beforehand, you can still get a good mortgage loanat a decent interest rate.
Many people think that because of the epic real estate crash that has affected markets across the globe, good deals don’t exist anymore. Many people are waiting for the so-called “recovery” before they buy or refinance.
But as a real estate investor, I’ve learned that good deals are always available if you know where to look and how to pursue them. It doesn’t matter if you’re a first time buyer, a home owner looking to refinance, or a seasoned professional investor.
Thinking outside the box always opens the doorway to new opportunities of Mortgage loans.
• Foreclosures and distressed property sales have created a lot of good mortgage loan deals and properties that are now being offered at a fraction of their value. This means that buyers who could not afford to buy can now find properties that are within their budget.
• Some properties can be had for as much as 60per cent below their market value. There are even creative financing options available by investors who are only concerned about a good return on their investment.
• Some of these creative lenders have less stringent requirements and loans are not quite as difficult to qualify for. These deals take some time and effort to find, but they are worth it. Traditional lenders have not, and are not likely to ease lending requirements, so you still want to have your finances in order either way.
Try to save a larger down payment. This means less money that has to be financed and less interest to be paid. There are many ways to come out on top if you take time to look.
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