What Are The Advantages of Owner Financing on Land For Sale?
Traditionally, when someone buys real estate in the US or in other places, the customers will go through a third-party lender. It could be a big bank such or a local Credit Union. A person or family will then take out a loan from this lender, for the price the seller is asking for the property. That loan is what we call a mortgage. What is Owner Financing? However, owner financing is a unique but different concept. Owner Financing land , sometimes also called seller financing, is when the seller of a home, land or some other form of real estate, keeps the mortgage under their name and is paid by the buyer in monthly installments until the seller's asking price is paid off. Advantages of Owner Financing: There are many different advantages of owner financing when it comes to lands for sale. Probably the best thing that owner-financing has to offer is it's a fast and easy way for someone to move into a home or purchase some property. With a tradition mortgage th