“Anybody who thinks money will make you happy, hasn’t got money.” -David Geffen

Many banks simply refuse to give people a loan. Especially in today’s financial climate, banks are fairly strict about who they will and will not give loans too. This is why owner financing is becoming a great alternative to the bank loan.

It is popular with both home owners and people who invest in real estate. Most people who are selling their homes will agree to an extremely small down payment and then help the buyer finance the rest of the mortgage. Which is great because most banks want you to put down at least 20% on a house. Most owner financing deals do not need a credit check, which means even people with bad credit in the past have the opportunity to own a house at an affordable cost.

The interest is a great place to find people who are interested in owner financing. In fact anyone who is looking for a loan can find and research a number of options online because even stepping into a lender institution. Many online auctions sites actually auction off real estate. This is an affordable way to buy property because the fees and costs are kept to a minimum and there is very little paperwork beyond writing the check.

It also allows investors to look at properties far away from where they live in the comfort of their own living rooms. Before the interest much of real estate investing was limited to our intimate surroundings now we have the ability to invest world wide and see exactly what we are investing in.

Most loan companies require a couple of years of tax statements, pay stubs, proof of employment, and several other pieces of information. People who own assets like loans or large investments or retirement funds usually have better luck with banks. This is because they have plenty of assets t go after if you happen to default on your home mortgage.

If your bank has turned down your request for a home loan you might want to consider owner financing. Not only is it a good deal for the person buying the home but the owner selling the home can receive a pretty big tax break.

Remember all investments come with risks. If you are interested in owner financing and would like to know more contact a financial advisor or real estate agent who can sit down with you and help you decide what the best loan options are for you.