Ways To Finance A Financing A Log Cabin For Sale
Are you looking forward to buy a log cabin for sale as your vacation home in the mountains? That is cool, but there is one problem: you do not have a sufficient amount of financial resources to purchase one. How are you going to acquire the money? Never fear, there are many methods to obtain the funds you need to get the log cabin of your dreams.
1. Banks
Provided you have a good credit rating, you canapply for a loan at the bank. However, this could be hard since banks have a tendency to be conservative and cautious, considering that log cabins are not as commonly purchased as contemporary homes. The bank may have to evaluate the cabin’s value by comparing similar properties, however, if there are not many cabins to compare with, your bank will have difficulty in determining the value of your chosen cabin. In the end, they may not approve your loan.
Thus, it is better to take a pre-qualification assessment before applying for a loan. This kind of assessment is a conversation with your bank so you can provide them an insight about your project.
2. Builder financing
Many sellers of log cabin kits offer affordable payment schemes, ranging from installment plans to even using PayPal, to fund your cabin. Some suppliers also accept credit cards. Your benefit is that your credit card transactions add airline mileage and frequent flyer points to your name.
3. Home equity
If you are now living in your current home for a number of years, then you may have built up a considerable amount of equity with your monthly mortgage payments. Check the equity amount and take a home equity loan, and use the cash to get your log cabin. Even better, set up a draw schedule and contract specifications with your builder. This way, your builder receives the cash as needed, and you can confirm each stage of the progress of the construction.
The downside of home equity loans is that if you cannot pay the loan, you will lose your home to the bank.
For more information about financing a log cabins for sale, visit UK Log cabins.
1. Banks
Provided you have a good credit rating, you canapply for a loan at the bank. However, this could be hard since banks have a tendency to be conservative and cautious, considering that log cabins are not as commonly purchased as contemporary homes. The bank may have to evaluate the cabin’s value by comparing similar properties, however, if there are not many cabins to compare with, your bank will have difficulty in determining the value of your chosen cabin. In the end, they may not approve your loan.
Thus, it is better to take a pre-qualification assessment before applying for a loan. This kind of assessment is a conversation with your bank so you can provide them an insight about your project.
2. Builder financing
Many sellers of log cabin kits offer affordable payment schemes, ranging from installment plans to even using PayPal, to fund your cabin. Some suppliers also accept credit cards. Your benefit is that your credit card transactions add airline mileage and frequent flyer points to your name.
3. Home equity
If you are now living in your current home for a number of years, then you may have built up a considerable amount of equity with your monthly mortgage payments. Check the equity amount and take a home equity loan, and use the cash to get your log cabin. Even better, set up a draw schedule and contract specifications with your builder. This way, your builder receives the cash as needed, and you can confirm each stage of the progress of the construction.
The downside of home equity loans is that if you cannot pay the loan, you will lose your home to the bank.
For more information about financing a log cabins for sale, visit UK Log cabins.
Filed under News by on Oct 17th, 2011. 