Owner Financed Land
RiverCountryLand.com Standard Money Saving Features
Lump sums of money are hard to come by and in those situations financing has its advantages. Here are the ways I’m helping owner financed land customers save money and get to owning their own land free and clear.
•NO Closing Cost – your down payment goes towards your purchase!
•NO Hidden Fees – every dollar you pay goes towards your note.
•NO Prepayment Penalties – pay off your property as fast or as soon as you like.
•NO Balloon Payments – no surprise lump sum payments.
•Term Choices – choose the monthly payment that fits your budget.
•Extra amounts paid are applied directly to loan principal – this helps pay off your note faster.
•Fixed interest rates – no weird variables or fluctuating interest rates.
•Simple and straightforward contracts – no creative financing or lease to buy language.
•No travel costs – all paperwork can be completed via mail or other delivery service.
•Discounts available for current or prior military service – Thank You!
Save YOURSELF Money
Even if you don’t purchase your land from RiverCountryLand.com, there are ways to save yourself money when using financing to buy your owner financed land (make sure your seller approves these options prior to implementing).
EXAMPLE LAND PURCHASE:
For the following tips lets use this example land purchase.
Purchase price: $20,500
Down payment: $500
Financed amount: $20,000
Interest Rate: 9%
Term: 6 years or 72 monthly payments
Monthly payment: $360.51
•Pay extra principle payments every month – Using the example above, if you bump your monthly payment up to $450, you will save yourself over $1,500 over the life of your loan. Paying $500 per month will save you over $2000! This is a very simple way to save yourself a good chunk of change. Even small amounts help – maybe it’s something as simple as not eating out as often and committing that extra money towards getting your land paid off even faster.
•Make a larger down payment – If instead of $500 down put 20% down, you will save yourself over $1000 in interest over the life of your loan! My suggestion to my kids and younger people is to save some money. Once you have a little money saved, you can use it to save even more money. PLUS, having a considerable amount of money in hand while sitting at the bargaining table is a great tool to have. Cash is king! Especially with owner financed land sellers.
•Shorten the term – If you can shorten your term to 5 years (making your monthly payment $415.17) instead of 6 years, you will save over $1,000 in interest! This is very basic for financing and owner financed land purchases. The faster you pay off your loan, the less money it will cost you in interest. But I always encourage buyers to get a monthly payment they are very comfortable with and then make extra payments when they can. I do NOT want any buyer to lose their land because they can’t make the minimum payment.
•Do a combo – Take any of the above suggestions and combine them to save even more money on your owner financed land!
If you have any questions feel free to call me at 870-955-0099.