Lines of credit can be very helpful when purchasing real estate. If it is a revolving account you can use that credit line over and over when you use it and pay it down, it is like a cash advance credit card. A home equity line of credit is usually a good way to go. You will get a line of credit at a lower interest rate generally because their loan is secure using your house as collateral.
Using a line of credit will allow you to be a cash buyer on properties. You can make cash offers that are not contingent upon financing and be able to close quickly. These are two very attractive things to lenders if you were to purchase one of the many foreclosure properties that are on the market.
This is definately something that you should go out and look into. Bank of America and U.S. Bank have this loan product. It is very inexpensive to obtain, go out and shop around for this loan. It is a very helpful tool in real estate investing!
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If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
Thanks for the tip and the information on lines of credit. This is something worth looking into and may help in acquiring future deals. Thanks again for the insight. Believe and Achieve! - Joe
Thanks for sharing. It is always good to knows the many other options available for acquiring cash for closing. Gos Bless.
Sandra
__________________
"You can never get to the top, if you are not willing to climb. Do not look at the difficulty of the climb, only anticipate the view from the top."
"Can't even walk without you holding my hand." (Song)
"Is anything too hard for the Lord ..." Genesis 19:14
"In all things, wait on the Lord."
"Think not of your own deliverance, but trust in God who will give in abundance."
"When you are down to nothing, God is up to something." Unknown
"Our lives begin to end, the day we become silent about those things that really matters." Dr. Martin Luther King Jr.
Thank you for the info i was thinking of opening a line of credit.But i still should shop around.Do you think if i go to a smaller community bank or redit union it will be better?
It is always good to shop around. I would check each local bank to find out if they have home equity lines of credit loans, there are two types as I previously mentioned. One is open ended, which can be reused like a credit card, and one that is a set loan and can not be reused. You will have to determine which one will be best for you.
Credit Unions are great places to go, being a member does have benefits. When you are shopping not only should you compare the interest rates (most are variable rates) but the terms of the loan. Make sure that if it is a variable rate that you can lock it in for a small fee at any time. Also compare the costs of each loan, many will say that they are free but charges do arise somehow!
Great question, yes - always shop and compare!
__________________
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
Offline
Lines of credit can be very helpful when purchasing real estate. If it is a revolving account you can use that credit line over and over when you use it and pay it down, it is like a cash advance credit card. A home equity line of credit is usually a good way to go. You will get a line of credit at a lower interest rate generally because their loan is secure using your house as collateral.
Using a line of credit will allow you to be a cash buyer on properties. You can make cash offers that are not contingent upon financing and be able to close quickly. These are two very attractive things to lenders if you were to purchase one of the many foreclosure properties that are on the market.
This is definately something that you should go out and look into. Bank of America and U.S. Bank have this loan product. It is very inexpensive to obtain, go out and shop around for this loan. It is a very helpful tool in real estate investing!
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
Thanks for the tip and the information on lines of credit. This is something worth looking into and may help in acquiring future deals. Thanks again for the insight. Believe and Achieve!
- Joe
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Thanks for sharing. It is always good to knows the many other options available for acquiring cash for closing. Gos Bless.
Sandra
"You can never get to the top, if you are not willing to climb. Do not look at the difficulty of the climb, only anticipate the view from the top."
"Can't even walk without you holding my hand." (Song)
"Is anything too hard for the Lord ..." Genesis 19:14
"In all things, wait on the Lord."
"Think not of your own deliverance, but trust in God who will give in abundance."
"When you are down to nothing, God is up to something." Unknown
"Our lives begin to end, the day we become silent about those things that really matters." Dr. Martin Luther King Jr.
Thank you for the info i was thinking of opening a line of credit.But i still should shop around.Do you think if i go to a smaller community bank or redit union it will be better?
It is always good to shop around. I would check each local bank to find out if they have home equity lines of credit loans, there are two types as I previously mentioned. One is open ended, which can be reused like a credit card, and one that is a set loan and can not be reused. You will have to determine which one will be best for you.
Credit Unions are great places to go, being a member does have benefits. When you are shopping not only should you compare the interest rates (most are variable rates) but the terms of the loan. Make sure that if it is a variable rate that you can lock it in for a small fee at any time. Also compare the costs of each loan, many will say that they are free but charges do arise somehow!
Great question, yes - always shop and compare!
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
Thanks