Louisiana Land For Sale-Different Techniques To Financing
Louisiana Land For Sale-Different Techniques To Financing
If the only thing you have done up to this point is to select the real estate for sale in Louisiana that you want to purchase, let me give you a little warning before to go to the bank for financing. You better have your ducks in a row because up until this point you may not have realized how bad the lending situation is due to the shaky economy. Before you get overly excited about the real estate you want to purchase, gather all of your financial options and make sure you qualify to borrow the money that is needed to make your real estate purchase. Just in case you have had your head under a rock for the last three years or don't actually believe the news, get prepared before you seek financing. Get a copy of your credit report yourself. It's free. See how your credit looks so you will know how much leverage you have when you go to the financial institution. If you are looking for real estate for sale in Louisiana let me suggest First South Farm Credit. They continue to lend on rural land in Louisiana and are active in looking for loans right now despite the economy.
It won't take long after you start the financing process to realize how things have changed in the banking industry. I can make a suggestion in case you are ready to finance but may come up short with the down payment money. Some of these suggestions may be difficult but they worked before the downturn in the economy. Cross collateralization will let you use your current assets for when you may not have cash available. Banks today might consider this a weakness and may get you turned down flat, but it is worth a try if you don't have the funds sitting in your savings account. Do you have a 401K with good equity? Perhaps you have a piece of land that is paid off that you can pledge. That would work as a down payment. With today's federal bank regulators and the stiff regulations you can forget a 100% financed loan. Be patient if you really want a piece of real estate in Louisiana. Take the time to get yourself into financial shape. Figure out how you can come up with the 20% that will be required up front. It could take a year to get yourself in good financial shape before you can close on your real estate for sale in Louisiana.
My suggestion is when you find the real estate for sale in Louisiana is to be patient. Start your search for your dream property at least a year before you really want to close your loan. It will be worth it!