Eck Hart Seminary

Are you planning to buy a log cabin for sale as your vacation home in the outdoors? That is great, but there is one problem: you lack the financial resources to purchase one. How are you going to acquire the money? Never fear, there are several ways to obtain thefunding you need to get the log cabin of your dreams.

1. Banks
If you have a good credit score , you cantry applying for ahousing loan at the bank. However, this could take a lot of time since banks tend to be conservative and cautious, since they know that log cabins are not as commonly purchased as conventional homes. The bank may have to determine the cabin’s value by comparing similar properties, but 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 disapprove your application.

A good option is to obtain a pre-qualification assessment before applying for a loan. This is just a conversation with your bank so you can provide them an idea about your project.

2. Builder financing
Many contractors 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. This is an advantage if you are a frequent traveller since credit card transactions add airline mileage and frequent flyer points to your name.

3. Home equity
If you are now lresiding in your current home for quite a few 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 spend the money to get a log cabin. Maximize this opportunity to set up a draw schedule and contract specifications with your builder. This way, your builder receives the cash as needed, and you can verify each stage of the progress of the construction.

The dark side of home equity loans is that if you cannot pay the loan,the bank will foreclose your current home.

For moredetails about financing a log cabin for sale, check out UK Log cabins.

This entry was posted on Friday, January 27th, 2012 at 5:32 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.