Most might think that with historically low interest rates, accessing capital through mortgage loans is a walk in the park. That’s not entirely true. In fact, statistics show that 8% of all mortgage applications were denied in 2020, that’s 58,000 more rejections than 2019. While there are various reasons for denials, the most common are debt-to-income ratio and credit scores below most banks’ standards. On top of that, the mortgage application process can be tedious and long; in most cases the average underwriting time can take over a month to complete. So, while buying land is a good investment, the average person find the whole process off-putting.
The many issues land buyers face with mortgage lenders and banks, gave rise to seller-backed financing land deals, wherein the property owner also serves as a mortgage lender. This eliminates the laborious process of mortgage applications and it helps buyers spread out the cost of the land over fixed monthly payments. Though most sellers that offer this arrangement conduct their own credit check 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, buyers can purchase their own parcel of land online in as little time it takes as two minutes. The company also does away with credit checks, interest charges, and extra fees, buyers usually encounter with lenders and banks.
The company breaks down its land 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’re interested in, and pay the downpayment by credit card for the seller financing arrangement or pay the full amount in cash at the discounted price. Once the company receives the payment, they send out the contract via email within two to three business days. Because all the properties listed on Once Upon a Brick Inc. Land Investments website is 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 interests 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 the average consumers, potentially changing the trend and landscape of real estate investment.
Once Upon a Brick Inc. Land Investments