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How to Finance a Land Purchase

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A series of guides have been written about financing a home purchase, but let’s say you are willing to buy a plot of land. Whether you plan to build a home on the land, use it for farming or do any business, you should know that the process is much different from obtaining a standard mortgage.

In the case you are planning to consider more creative methods of financing a land purchase, then you have landed on the right page.

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Lenders take a more considerable risk on land than on homes.

When you go to lenders to borrow money for a land purchase, they have to evaluate not only your credit history. But also how easy it will be for them to recoup their investment if you default on the loan, but it’s much easier to place a value on houses and sell them after a foreclosure. The value of a plot of land can be harder to determine.

A better understanding of the lender’s point of view will aid you in developing a stronger case for your loan request. This as an advantage may also influence the plot of land you ultimately choose and where you enter for financing.

What type of land should you look for?

Before you start searching, make sure you think about what the land will be used for. Most plots of land are either categorized as improved or raw land.

Humans have altered improved land. The number of improvements might vary, but they could include anything from utilities to a driveway or sewage system.

Raw or unimproved land, on the other hand, is in its natural state and has never been touched by humans. And this is, of course, the most complex kind of land purchase to finance because it will be harder for lenders to re-sell in case of a default.

However, if you’re looking for land to build a home on, improved land might be the best for you. Also, the location of the land is more important than the state of the land. If you buy land in a developing area, there are higher chances of higher resale profit.

Do your homework before you make an offer.

Now that you’ve figured out what kind of land you need and have found the plot of your dreams. You need specific information on the land you are about to acquire. You can choose to collect this information yourself if you have the time or, instead, hire an experienced real estate agent or attorney to help you.

Below is a checklist of things you might need to know before making an offer:

Land survey

Before you make that offer, ask the sellers if they can provide a recent survey of the land. This is to know the boundaries of your property. It is essential for land purchases, especially in areas where the boundaries are not easily seen with homes in the neighbourhood.

Having the land surveyed will help you out when you start to use the land. It will help you avoid disputes with neighbours over boundary issues.

Property easements

This is a list of people or groups who have permission to enter or use part of your property. Easements may be the underground, through which they may build or extend sewer or water pipes, or somewhere else, which may be a cable company running wires through your land.

Knowing where the easements exist on the land, you are about to buy will help you figure out where to build your structures.

Title search

This helps you figure out what easements are associated with your land. In some cases, you’ll discover the property’s history through its past deeds and any liens attached to the title.

Zoning laws

This requires you to find out what your land has been zoned for to ensure it’s usable for your intended purpose. Residential and commercial sites are the two most common zoning designations, but you may need zoning for agricultural, and other unique land uses.

This may control what you can build, such as single-family vs multi-family housing, or what you may place on the land, such as a mobile home.

Flood hazard risk

Extreme weather events seem to be on the rise, so it’s more important than ever to find out if your property is in a flood zone. You may use FEMA’s free Flood Map Service Center to determine if your plot of land is at risk.

Appraisal

If you’re already working with a real estate agent, they may be able to appraise the land’s market value by easily comparing recent sales on similar plots. Otherwise, you may need to hire a real estate appraiser to create a report listing all of the plot’s features and the total estimated value.

Create a land portfolio that tells your story

Once you’ve gathered this vital information and agreed on a sale price, then you can approach a lender. Think of your land portfolio as a story about your plans for the land you want to purchase. Only in this case, you have to include the facts and figures lenders care about. In addition to the background information you collected first, the land portfolio should contain:

Your credit report and credit score demonstrate your eligibility for financing.Architect’s sketch of your construction plans.Estimates on all relevant expenses such as utility installation, architect’s fees, and construction costs.Any good attributes of raw land such as the timber value of forested land.

When you borrow money to buy land, expect higher interest rates and down payment requirements than a traditional mortgage. A land loan may also be classified as a construction or commercial loan.

If you’re buying land to build a home, you can get a lower interest mortgage that pays off your land loan after construction is completed.

The local bank advantage

Whether or not you’re already signed up with a community bank or credit union, they should be the first lender you try on your quest for a land loan. Unlike a national bank or loan company, community banks know your town and its real estate values. They’re also more motivated to contribute to growth and development on the local level. Therefore, they are usually more willing to take the risk of lending you money to buy land.

Other financing options

If you strike out at the bank or don’t like the terms they offer, there are alternatives.

Owner-financed loan: You draw up a promissory note with the seller outlining terms for you to pay the seller the price of the land over time.

Government loans: Known as Single-Family Housing Direct Home Loans, they are available to lower-income homeowners in rural areas who cannot find another financing. These loans can be used to purchase land for building a home.

Home Equity: If you already own a house and have equity, you could use a second mortgage, home equity line of credit, or home equity loan to finance all or part of your land purchase.

Summary

Financing a land purchase may be more complicated than the traditional home mortgage process, but you shouldn’t feel discouraged. Find other landowners to talk to for advice and discuss your options with potential lenders.

As with any other debt you take on, you want to get the lowest possible interest rate and the most affordable monthly payment. Don’t forget to calculate the expense of property taxes and any maintenance, such as mowing.

Buying and owning land can be an enriching experience, even if you don’t build on it right away. Your plot of earth could turn into a valuable investment, a beloved home, an enjoyable vacation property, and a successful business.

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Source: livetechnoid.com

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Money

Vivo Y21A Full Specifications and Price

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Here are the full specifications of the Vivo Y21A smartphone device and the price you need to know before buying one with your money or on credit.

Phone Details

The Vivo Y21A model has great specifications. It comes with a 6.51-inches screen with a 720 x 1600 pixels resolution IPS display panel housing the front 8 MP selfie lens.

The processor is an Octa-core CPU, Mediatek MT6762 Helio P22 (12 nm) chipset and PowerVR GE8320 GPU. It has 4GB RAM and 64GB internal storage. Amazingly, it is 4G LTE network enabled. Vivo Y21A houses a gigantic 5000mAh battery and runs on Android 11 (Funtouch 11.1).

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It has dual cameras on the back, a 13 MP primary lens and a secondary 2 MP camera, Dual LED flash and comes in different colour variants such as Diamond Glow and Midnight Blue. This, however, is just a sneak peek, kindly check the table below for all the features that come with the device.

Vivo Y21A Full Specifications

General

Brand
Vivo
Model
Y21A
Display
IPS LCD capacitive touchscreen with 16M colours
Body type
Glass front, plastic back, plastic frame
Protection
Scratch Resistant Glass
Dimensions
164.26 x 76.08 x 8.00 mm
Weight
182 g
Battery capacity
Li-Po 5000mAh, non-removable
Fast charging
Yes, Fast, 18W
Wireless charging
No
Uptime
N/A
Colour variants
Diamond Glow and Midnight Blue
Released year
January 2022

Display

Screen size
6.51 inches
Resolution
720 x 1600 pixels at 270 PPI density
Aspect ratio
20:9 ratio

Hardware

Processor
Mediatek MT6762 Helio P22 (12 nm) chipset

Octa-core 4×2.0 GHz Cortex-A53 and 4×1.8 GHz Cortex-A53 CPU

PowerVR GE8320 GPU

RAM
4GB
Internal storage
64GB, MicroSD expandable
MicroSD Limit
Up to 1TB

Camera

Rear camera
Dual Lens, 13 MP camera at f/2.2 aperture and 2 MP at f/2.4 with LED flash and HDR
Front camera
Single Lens, 8 MP camera
Camera functions
Autofocus, Digital zoom and Touch focus

Software

OS
Android 11
Skin
Funtouch 11.1

Connectivity

Wi-Fi
Yes
GPS
Yes
Bluetooth
Yes
NFC
No
USB type
USB Type-C 2.0
SIM type
Dual, Nano-SIMs
GSM/CDMA
GSM
2G
Yes
2G bands
GSM 850 / 900 / 1800 / 1900
3G
Yes
3G bands
HSDPA 850 / 1900 / 2100
4G/ LTE
Yes
4G bands
LTE band 1, 3, 5, 8, 38, 40, 41
5G
No
Speed
HSPA 42.2/5.76 Mbps, LTE-A

Sensors

Fingerprint
Yes, side-mounted
Proximity
Yes
Barometer
No
Accelerometer
Yes
Gyroscope
No
Compass
Yes
Others
Face ID

Sound

Loudspeaker
Yes
3.5mm jack
Yes

MISC

Also in the box
Charging Adapter, USB Cable and User Manual

Also, See:

Vivo Y21A Price

Vivo Y21A is priced at around $129 in the United States, €115 in Europe and ₦53,500 in Nigeria. Prices in other specific countries and currencies are provided below.

United States
$129
United Kingdom
£95
Europe
€115
China
¥819
India
₹9,599
Nigeria
₦53,500
Ghana
Gh₵805
South Africa
ZAR1,950
Kenya
Ksh14,649
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Article: livetechnoid.com

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Money

UMiDIGI Bison GT2 Pro Full Specifications and Price

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Here are the full specifications of the UMiDIGI Bison GT2 Pro smartphone device and the price you need to know before buying one with your money or on credit.

Phone Details

The UMiDIGI Bison GT2 Pro model has great specifications. It comes with a 6.5-inches screen with a 1080 x 2400 pixels resolution IPS display panel housing the front 24 MP selfie lens.

The processor is an Octa-core CPU, MediaTek Helio G96 (12 nm) chipset and Mali-G76 MC4 GPU. It has 8GB RAM and 256GB internal storage. Amazingly, it is 4G LTE network enabled. UMiDIGI Bison GT2 Pro houses a gigantic 6150mAh battery and runs on Android 11 (Upgrade to Android 12 via OTA).

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It has triple cameras on the back, a 64 MP primary lens and dual secondary cameras of 8 MP and 5 MP AI, with LED flash and comes in different colour variants such as Hack Black. This, however, is just a sneak peek, kindly check the table below for all the features that come with the device.

UMiDIGI Bison GT2 Pro Full Specifications

General

Brand
UMiDIGI
Model
Bison GT2 Pro
Display
IPS LCD capacitive touchscreen with 16M colours
Body type
Glass front
Protection
Scratch Resistant Glass
Dimensions
172.2 x 83.9 x 12.9 mm
Weight
280 g
Battery capacity
Li-Poly 6150mAh, non-removable
Fast charging
Yes, 18W
Wireless charging
No
Uptime
N/A
Colour variants
Hack Black
Released year
January 2022

Display

Screen size
6.5 inches
Resolution
1080 x 2400 pixels at 405 PPI density
Aspect ratio
20:9 ratio

Hardware

Processor
Mediatek Helio G96 (12 nm) chipset

Octa-core 2×2.05 GHz Cortex-A76 and 6×2.0 GHz Cortex-A55 CPU

Mali-G76 MC4 GPU

RAM
8GB
Internal storage
256GB, MicroSD expandable
MicroSD Limit
Up to 512GB

Camera

Rear camera
Triple Lens, 64 MP camera at f/1.8 aperture, 8MP and 5MP and f/2.4 with Dual-LED Dual-toned flash and HDR
Front camera
Single Lens, 24 MP camera with AI FaceID and Face beautification
Camera functions
Autofocus, Touch Focus, Night mode

Software

OS
Android 11
Skin
Upgrade to Android 12 via OTA

Connectivity

Wi-Fi
Yes
GPS
Yes
Bluetooth
Yes
NFC
No
USB type
Micro USB Type-C 2.0 reversible connector, OTG
SIM type
Dual, Nano-SIMs
GSM/CDMA
GSM
2G
Yes
2G bands
GSM 850 / 900 / 1800 / 1900
3G
Yes
3G bands
HSDPA 850 / 900 / 1800 / 1900 / 2100
4G/ LTE
Yes
4G bands
LTE band 1, 2, 3, 4, 5, 7, 8, 12, 13, 17, 18, 19, 20, 25, 26, 28, 34, 38, 29, 40, 41, 66
5G
No
Speed
HSPA 42.2/5.76 Mbps, LTE-A

Sensors

Fingerprint
Yes, side-mounted
Proximity
Yes
Barometer
No
Accelerometer
Yes
Gyroscope
Yes
Compass
No
Others
Face ID

Sound

Loudspeaker
Yes
3.5mm jack
Yes

MISC

Also in the box
Charging Adapter, USB Cable and User Manual

Also, See:

UMiDIGI Bison GT2 Pro Price

UMiDIGI Bison GT2 Pro is priced at around $339 in the United States, €299 in Europe and ₦140,600 in Nigeria. Prices in other specific countries and currencies are provided below.

United States
$339
United Kingdom
£250
Europe
€299
China
¥2,149
India
₹25,229
Nigeria
₦140,600
Ghana
Gh₵2,119
South Africa
ZAR5,119
Kenya
Ksh38,495
Read More

Original Source: livetechnoid.com

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Money

UMiDIGI Bison GT2 5G Full Specifications and Price

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on

Here are the full specifications of the UMiDIGI Bison GT2 5G smartphone device and the price you need to know before buying one with your money or on credit.

Phone Details

The UMiDIGI Bison GT2 5G model has great specifications. It comes with a 6.5-inches screen with a 1080 x 2400 pixels resolution IPS display panel housing the front 24 MP selfie lens.

The processor is an Octa-core CPU, MediaTek MT6877 Dimensity 900 5G (6 nm) chipset and Mali-G68 MC4 GPU. It has 8GB RAM and 256GB internal storage. Amazingly, it is 5G LTE network enabled. UMiDIGI Bison GT2 5G houses a gigantic 6150mAh battery and runs on Android 11 (upgrade to Android 12 via OTA).

Also, See:

It has triple cameras on the back, a 64 MP primary lens and dual secondary 8 MP and 5 MP cameras, with LED flash and comes in different colour variants such as Storm Gray. This, however, is just a sneak peek, kindly check the table below for all the features that come with the device.

UMiDIGI Bison GT2 5G Full Specifications

General

Brand
UMiDIGI
Model
Bison GT2 5G
Display
IPS LCD capacitive touchscreen with 16M colours
Body type
Glass front
Protection
Scratch Resistant Glass
Dimensions
172.2 x 83.9 x 12.9 mm
Weight
280 g
Battery capacity
Li-Polymer 6150mAh, non-removable
Fast charging
Yes, 18W
Wireless charging
No
Uptime
N/A
Colour variants
Storm Gray
Released year
January 2022

Display

Screen size
6.5 inches
Resolution
1080 x 2400 pixels at 405 PPI density
Aspect ratio
20:9 ratio

Hardware

Processor
MediaTek MT6877 Dimensity 900 5G (6 nm) chipset

Octa-core 2×2.4 GHz Cortex-A78 and 6×2.0 GHz Cortex-A55 CPU

Mali-G68 MC4 GPU

RAM
8GB
Internal storage
256GB, MicroSD expandable
MicroSD Limit
Up to 512GB

Camera

Rear camera
Triple Lens, 64 MP camera at f/1.8 aperture, 8MP and 5MP at f/2.4 with Dual-LED Dual-toned flash and HDR
Front camera
Single Lens, 24 MP camera with AI FaceID and Face beautification
Camera functions
Autofocus, Touch Focus and Night mode

Software

OS
Android 11, upgrade to Android 12 via OTA
Skin
N/A

Connectivity

Wi-Fi
Yes
GPS
Yes
Bluetooth
Yes
NFC
No
USB type
Micro USB Type-C 2.0 reversible connector, OTG
SIM type
Dual, Nano-SIMs
GSM/CDMA
GSM
2G
Yes
2G bands
GSM 850 / 900 / 1800 / 1900
3G
Yes
3G bands
HSDPA 850 / 900 / 1800 / 1900 / 2100
4G/ LTE
Yes
4G bands
LTE band 1, 2, 3, 4, 5, 7, 8, 12, 13, 17, 18, 19, 20, 25, 26, 28, 34, 38, 29, 40, 41, 66
5G
Yes
5G bands
5G band 1, 2, 3, 5, 7, 8, 20, 25, 28, 38, 40, 41, 66, 77, 78, 79
Speed
HSPA 42.2/5.76 Mbps, LTE-A, 5G

Sensors

Fingerprint
Yes, side-mounted
Proximity
Yes
Barometer
No
Accelerometer
Yes
Gyroscope
Yes
Compass
No
Others
Face ID

Sound

Loudspeaker
Yes
3.5mm jack
Yes

MISC

Also in the box
Charging Adapter, USB Cable and User Manual

Also, See:

UMiDIGI Bison GT2 5G Price

UMiDIGI Bison GT2 5G is priced at around $339 in the United States, €299 in Europe and ₦140,600 in Nigeria. Prices in other specific countries and currencies are provided below.

United States
$339
United Kingdom
£250
Europe
€299
China
¥2,149
India
₹25,229
Nigeria
₦140,600
Ghana
Gh₵2,119
South Africa
ZAR5,119
Kenya
Ksh38,495
Read More

Source: livetechnoid.com

Continue Reading

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