WHICH WAY OF MONEY LENDING IS MORE CONVENIENT WHEN IT COMES TO BUYING A NEW HOUSE?

 

Defining the basic needs of humans

Basic needs of a human depends on only four main factors which are: food to eat, air to breathe, water to drink and a home as a shelter. But it is a fact that no human being is able to lead a happy life with only these four. Human beings are born with the nature to desire many other things other than these four basic ones: they want to look their best, they desire to buy new clothes, they desire to eat food that tastes great; in short you can say that they desire everything that seems good to them. Another thing that any human being desires desperately is to live in a dream house, or at the very least live in a house that is perfect in their own ways.

However, buying and building a house or a property is not something which can be done easily. People take years and years to save the kind of money from which they can build themselves their dream house or even a normal house which they can call as their own. Financing a house is also good in a way that you can always give it for rental, and you would never have to work again until you receive the rent.

So how can we buy a house when buying any property big or small is so difficult, below are some tips that help you in financing a house of your own.

Buying a house through a bank

One of the most effective way of buying yourself a house or a property is through the help of a bank loan. House loans are one of the most common kind of loan from the different kind of bank loans. The procedure with which the bank lends you money for buying yourself a house or a property consists of several steps. This procedure can sometimes be very fast and you can have your loan passed in a few days, but most of the time this method can take up to a few months as this is a very long process and the bank will ask you to submit many different documents to make sure that you will be able to repay their loan back.

This process can be very tiring and lengthy at times as the process includes following steps as application, documentation, procession and verification of documentations. After all these steps if they find you eligible for the loan then comes the turn of sanction letter, secure fee payment, legal and technical check and then after putting you into all these scrutinizing events you will get your loan passed. Only after you have successfully passed all these tests, you can build yourself a property through bank loan.

Buying a house through private money lending

Hard money lending is known to be the most effective and quick way through which you can have your dream house built in very little time. It is known to be the easiest way that one can make use of to borrow money. This process does not include the traditional way of Mortgage lending, in fact, this process involves borrowing money from an individual or an Investor’s source which lends you money based on your collateral only. One great thing about money lending through these sources is that you do not have to wait very long in order to get your loan passed. It would hardly take you a few days to get you your money. In hard money lending, the money lenders are interested only in your scores and income to make sure that you will be able to pay their money back.

Other than these, there is no other formality that needs your attention in order to get your loan passed. That is why all successful investors must always consider hard money lending as their first priority for real estate investors loan in Dallas.