Buying your own land is one of the key ideals cemented into the American Dream, but so many people are barred from doing so because of their credit–or lack thereof. At
SRC Land, we believe that everyone should have the opportunity to find their own place to put down roots, and to that end, we provide our clients with seller-financing options for mortgages.
If you’re looking for land for sale in Harlingen but worry you won’t be able to get the financing needed to make a purchase, contact our team of real estate experts today to learn more about your options.
What is a Seller-Financed Mortgage?
Seller-financing is a real estate agreement made between a seller and property buyer without the use of a financial institution like a bank. Instead of signing a mortgage with a bank, the purchaser signs a mortgage agreement directly with the seller.
Seller-financing is a popular option for people who may find it difficult to get a traditional loan.
The Benefits of Seller-Financed Mortgages
The primary benefit of seller-financing is that it allows those with poor credit to purchase land. To use seller-financing, a buyer doesn’t have to meet the approval of any traditional lender, making it a viable option for those who may otherwise fail to qualify for financing.
However, that’s far from the only benefit:
- Closing Speed — Using seller-financing helps speed up the purchasing process.
- Affordability — Seller-financing usually leads to lower costs than hiring a third-party or using a traditional lender.
- Flexibility — Because there isn’t a third-party to negotiate with, terms can usually be more flexible than those offered by traditional lenders like banks.
- Short Mortgages — Terms are flexible and often cover a shorter period of time than traditional mortgages.
- Quick Turnaround — Shorter mortgages help ensure that you’re protected no matter what happens to the housing market in the long run.
In addition, a shorter loan timeline means more time for you to enjoy your property after the payment process is completed. Seller-financing allows purchasers to fully own their homes within a shorter period of time than the tedious process of paying off a bank would.
Using Seller-Financing with SRC Land
By directly negotiating mortgages ourselves, SRC Land is able to ensure that you get the land of your dreams at an affordable price, regardless of credit. While any major purchase will bring with it a certain level of risk, seller-financing puts the control in the hands of the seller and buyer, rather than a financial institution.
Seller-financing isn’t a well-known option among property buyers, but at SRC Land, we’ve mastered the seller-financing system in order to find common ground between ourselves and our clients. Our clients are our number one priority, and seller-financing allows us to look out for them.
If you’re looking for the perfect lot in Harlingen, the real estate experts at SRC Land can help you find and buy the right spot for the right amount.