We think of is lining up mortgage financing when we think of buying a house, one of the things. We consider buying the house outright and avoiding a mortgage altogether, even though mortgage interest makes for a nice tax deduction if we have enough cash on hand, maybe.
Regardless how you started to obtain your house, you might think the path that is only to sign the closing documents and obtain the title in your title. But there is however one kind of agreement where you don’t have the title straight away: a land agreement.
A land agreement is an agreement amongst the buyer and seller where in actuality the vendor will give you the funding when it comes to true house purchase. Unlike a conventional mortgage, the vendor continues to hold name to your home before the land agreement is paid down. [Read more…] about Just Just How Land Contracts Impact Mortgage Approvals