Master's Tips for Buying Rural Property (7 of 8 in a series)

Good or Bad? Depends on your perception, but these days an infinite number of banks,
brokers, commercial and private investors are clamoring to loan purchase money so they
may draw interest in return- currently a better return than other types of investments.
There are a wide variety of mortgage products, each with a service and a charge for that
service.

It is good to compare several lenders, loans, rates, required down payments, fees, terms,
and the bottom line: what you will pay up front, what you will pay each month and what
you will pay over the life of the loan.

Start with your local bank, since it would seem that they would be familiar with you, your history with them, and your needs in this buying situation. They will list what services they can provide, and may suggest other avenues as well.

Again, the internet is a good resource. Search by area for mortgage financing, and click
for information on options available and to get quotes.

A word of warning: there is often a difference between what is quoted and what is
committed to during the approval process. Remember that you are not obligated to sign
on a loan, even after approval, if the terms are not similar to what you were expecting.
Lenders are required to disclose all loan terms and information prior to signing.

Check with the owner of the property you wish to buy, to see if he or she would finance a portion of the purchase price. It could save you time and money to make simple interest payments to the owner.

As owners of the properties you see listed on our website (www.va-mountainland.com), we are able to price and sell to you directly what interests you, plus we offer owner financing on most parcels. Click on OWNER FINANCE AVAILABLE on our home page for more information.

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