How does the financing work?
“Everyone is Approved” finance program from Land4Less.us, LLC
1. NO Credit checks or qualifying! This is an owner financed program from Land4Less.us and we finance everyone…guaranteed.
2. 0% interest if balance is paid within 18 months of purchase date. (18 months same as cash)- L4L will sometimes have promotions that the sale is 0% interest for the life of the loan as well. If you pay the loan back within 18 months then you won’t pay any money in interest.
3. The only up-front money you put down is the non refundable 5% of the final sales price plus a one time fee of $175.00 for closing costs. Example- $3,000 purchase price @ 5% down = $150.00 plus $175 for closing costs = $325.00 would be the total up-front money needed for your investment. Then 30 days later you would begin your minimum monthly payments of $129.00 per month. You can always pay more each month or pay off early without any fees or penalties.
4. Your minimum monthly payment would be $129.00 per month until balance is paid in full. You can pay more than $129 each month in order to pay off the balance earlier without any pre payment penalties or ANY fees. (Remember you get 18 months with 0% interest)
5. Longer than 18 months you will pay a one time interest payment of 10% of the unpaid balance on month 19. Example: If you still owe $1000.00 on month 19 you will be charged a ONE TIME finance fee of $100 that will be added to your balance. That would be the ONLY interest charge you would pay for the life of your loan! If you pay the balance off within the 18 months you pay NO interest on your loan.
6. Paperwork will be sent to you once your down payment has been made. We will immediately send your “L4L Land Package” through the mail which includes the maps of your new property, pictures, info and TWO sets of land contracts. One contract with our signature for you to keep for your records and the other you will initial each page, sign the last page and return to us in the postage paid envelope provided in your L4L package. You would then start your minimum monthly payments 30 days later after we receive the contract back from you.
Payoff early – Can you pay off the balance early? Yes you can pay more than $129 per month or you can pay off the balance at anytime without any penalties or fees. Many of our customers will get extra money around tax time from their refund and send an extra amount towards there investment or if they get a bonus at work they may pay more. You don’t have to but it’s nice to know you have that option. Just because you finance your land purchase for 24 months and you only need 6 months to pay it off there are no additional fees. We will record the deed in your name that much quicker.
Finance Example – Purchase price is $3,000 you pay 5% down = 150.00 plus $175.00 closing cost = Total of $325.00 up-front cost. Your new balance would be $2,850.00 ( $3,000- $150.00=$2,850.00) so you would finance $2,850.00 @ $129.00 per month until balance is paid in full. (18 months you will get 0% interest if you pay the balance off within the 18 month period)
You will receive a contract explaining all terms and conditions which you will sign and return before you make any monthly payments.
You can pay more than $129.00 per month or pay off your loan early without any additional fees or charges.
You will receive a reminder email that your payment is due each month. Once you pay your balance in full the deed will be recorded in your name. We will do everything for you including paying all the recording fees and postage.
If your question was not answered, please feel free to contact us.