Most people might believe that getting access to capital through mortgage loans is simple, given the historically low-interest rates. That’s not exactly accurate. In fact, according to statistics, 8% of all mortgage applications in 2020 were rejected. In 2019, there were 58,000 more rejections.
Denials can have a number of causes, but the most frequent ones are a high debt-to-income ratio and credit scores that fall short of the norm for most banks.
In addition, filling out a mortgage application can be time-consuming and difficult; the average underwriting process typically takes over a month to complete. Therefore, even though buying land is a wise investment, the typical person finds the entire process intimidating.
The rise of seller-backed financing deals
The many issues land buyers face with mortgage lenders and banks gave rise to seller-financed land deals, wherein the property owner also serves as a mortgage lender. This eliminates the laborious process of mortgage applications and helps buyers spread out the cost of the land over fixed monthly payments.
Although most sellers that offer this arrangement conduct their own credit checks to qualify interested buyers, there are companies like Once Upon a Brick Inc. Land Investments that make the buying process easier for everyone.
Not only does the company skip credit reports, but buyers can also purchase land online in as little time as two minutes. The company also does away with credit checks, interest charges, and extra fees that buyers usually encounter with lenders and banks.
A simple process of buying land online
Once Upon a Brick Inc. Land Investments breaks down its purchase process into three steps, all of which can be completed online.
Interested buyers can check out available listings on the website, pick out the parcel they are interested in, and pay the downpayment by credit card for the seller’s financing arrangement, or pay the full amount in cash at the discounted price.
Once the company receives the payment, they will send out the contract via email within two to three business days. Because all the properties listed on the Once Upon a Brick Inc. Land Investments website are either owned by the company or its partners, every parcel is offered at an affordable rate, with most of the land selling at $100 a month without the interest and added fees buyers usually encounter in a mortgage loan.
Companies with real estate buying processes like Once Upon a Brick Inc. Land Investments make property ownership easier and more feasible for average consumers, potentially changing the trend and landscape of real estate investment.
Contact Information
Contact Person: Mike M. – Once Upon a Brick Inc. Land Investments
Email: landsales@onceuponabrick.com
Phone Number: 618-492-4628
Website: onceuponabrick.com