Arranging Your Finances to Buy Bank Owned

April 21st, 2022 by admin Leave a reply »

There is no better time to buy bank owned in Georgia than now, when the market is flooded by cheap foreclosed properties. The mere fact that the market is swamped with foreclosures is the reasons why banks are very willing to offer financing to bring down the number of foreclosed properties on their portfolio.

You see, it does not bode well for banks to have a long list of foreclosed properties. Banks are into the financial and investment business and having too many foreclosed properties on their portfolio will not do well on their image. Besides, the longer they hold on to foreclosed properties, the bigger their losses. So take down some notes on how to easily obtain loans to buy bank owned in Georgia.

What Banks Want to Know:

If you have a good credit history, then taking out a bank loan will never be a problem. However, if your credit history is less than ideal, you may need to provide proof to banks that you can meet your mortgage obligations. Banks may want to know how you were able to recover from your financial problem, your source of mortgage payments, what portion of your current income will be used as mortgage payments and if you have other outstanding debts.

If you are self-employed, you can still secure a loan by providing lenders with proof of your business and profit and copies of your tax returns for at least two years. Lenders would be more inclined to provide you with a loan if you can show them documents that you are earning regularly an amount that will more than cover your monthly amortization.

How to Gain the Trust of Lenders:

Aside from providing the documents that will show to lenders you are financially capable of paying your monthly mortgage, it would work on your advantage if you offer to pay a higher down payment for the foreclosed property. Also, having substantial savings on the bank would up your chances of getting a loan. You can also up your ante for a loan if you have properties that you can use as collateral.

Advertisement

Comments are closed.