Do You Need Private Mortgage Insurance?

Do You Need Private Mortgage Insurance?

First-Time Rural Land Buyer? Tips To Improve Your Search And Help You Find Exactly What You Want

by Luke Fields

Investing in land is a great way to build wealth, especially now, when the stock market is volatile and returns on passbook savings are still very low. In addition to being a great investment, purchasing land, such as hunting land or farm land can be an excellent way to enjoy recreational opportunities or build another income stream for your family. But for those who have decided to buy land for the first time, the search process can seem intimidating. If you are looking for land and struggling to find just the right parcel for your needs, the following tips can help! 

Get a good look at the land before making an offer

Large tracts of hunting or farm land can be difficult to visualize from the customary viewing process of walking or driving around on each one. Luckily, there are some very good ways in which to get a better idea of how the land lays, how much of it is open or wooded, and the various features and structures that may be on it. 

The aerial photo

Obtaining an aerial image is a great way to view even very large tracts and get a good sense of how the land lays, what features it may have, and its location, as well as roads, highways, neighboring parcels, and other information that can be helpful in deciding if it will work for your purpose. If the county assessor where the land is located has an online mapping system, this type of map can often be accessed easily online for free or a nominal charge. In addition, assessor's offices in most counties will print out enlarged copies of aerial photos for those who request for a small fee. Prospective buyers should remember, however, that these images are not actual maps and property lines may appear distorted. 


Another excellent piece of information to have is the most current survey of the property. In most cases, the survey will be available through the listing agent for the property. If not, prospective buyers can check with the county recorder's office where the land is located and ask for a copy of the last one recorded for that tract. Remember, however, that if the property has not been surveyed or it has not been surveyed recently that discrepancies in boundaries, easements, and other problems may be present, so proceed with caution. 

To learn even more about any property you are considering, or to learn more about buying rural property in general, prospective buyers should plan to work with a real estate professional, like Wellons Land and Timber Co., who has an excellent track record of working with this type of property. Their experience can help buyers find the best parcels and make informed decisions to ensure that the buyer succeeds in securing the best possible tract of land for their needs. 


About Me

Do You Need Private Mortgage Insurance?

Welcome to my website. My name is Larry Silva, and I want to talk a bit about private mortgage insurance. You may have heard the term PMI mentioned when you were in the process of purchasing real estate. When I first heard my lender talking about PMI, I was very confused. It was my realtor who sat me down and explained what private mortgage insurance was and when someone is required to purchase it. He told me that PMI is not lifelong insurance; it can be cancelled when the mortgage principal balance reaches a certain point. Once it was explained to me, private mortgage insurance was no longer a mystery or a confusing concept. I would like to pass on what I learned and hope that you find it to be of value.