At Capita Financial Services Inc our vision of service means that we are always working to ensure that your experience with us is convenient and easy.
Are you hoping to own you own piece of the rock? Capita Financial will loan you up to 100% to buy that piece of land you have always desired.
How will I know if I am eligible to apply for a 100% Land Loan?
Once the piece of land you are purchasing costs less than $250,000 and you are a first-time property owner you are eligible to apply for a Capita Financial 100% Land Loan.
What is the maximum repayment period?
At Capita Financial we provide land loans for up to a maximum of 15 years. The loan must however be repaid by the borrowers 70th birthday.
How will you gauge my ability to pay?
A very important criterion is your debt service ratio (DSR). At Capita Financial to qualify for a 100% land loan your DSR (Total Debt Payments/Gross Family Income) should not exceed 40%. Debt here refers to other mortgage payments, bank loans, hire purchase loans, credit card debt etc.
What security will I have to provide?
The security for the loan will be a first legal mortgage over the land being purchased.
What are the closing costs?
All legal fees associated with the transaction must be paid by the borrower. You should therefore consult with your attorney about these costs.
Contact us today for more information.
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