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Land Loans

Usually, the homebuyer places a down payment on the lot and uses a line of credit to finance the construction of the home. As construction moves along, the buyer borrows from the line of credit to finance the building. Once the construction is finished, the land loan and the line of credit are rolled into a single mortgage to be paid by the homeowner.

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Land loans are consistently perceived to be of greater risks by lenders. The lenders require great detail about the proposed home that will be built because they want to be sure that the sale price of the home where it will be located isn’t less than the original loan amount. For this reason, lending institutions that are far away geographically from the land lot will often not make the loan on the basis of knowing very little about the property and the property values of the surrounding area.

Land loans, unlike mortgage loans, are provided solely for the purpose of acquiring land on which to build a new home. Land is a finite quantity anywhere you go and in today’s world it is at a premium because there is only so much to go around. Finding an appropriate lot for a home can be on the level of difficulty of finding an affordable loan for land. Financing can also be more difficult if the borrower intends to wait for more than a few months to build on the property because it adds to the perceived risk if the lot turns out to not be suitable for the building without major work done on the land.

For a land loan, the building company is expert on what kind of property can feasibly be built where. A good builder will provide all of the necessary tests of the land to ensure that it will past muster when put under the scrutiny of a lending institution. Often this added work involves soil sample testing and reviews of zoning laws that apply to the area. All types of qualifications must be met before a lending firm will back the loan.

 


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  Need Cash? Considering a Home Equity Loan? Why not get cash out from your equity and refinance in one process. Select ‘Refinance’ on the application and specify your ‘Cash-Out’.
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  Home Lending Resources
Land loans are more complicated than traditional mortgages because they have a higher perceived risk to lending institutions. For this reason it is best to discuss your lending options before beginning your search for the perfect lot… Home equity loans are a way of borrowing against the equity of your home. A home equity loan can be financed at a great interest rate thanks to curren market conditions. Expo Financial can connect you with up to four competitive quotes… Buy a home now with the help of a qualified mortgage broker. If you are first time buyer programs are available to help you finance your downpayment without little money upfront…
2nd mortgages can be used to consolidate higher interest credit card debts into lower interest monthly payments added on to your current monthly mortgage payments… Refinance and get cash out to pay for expenses. You can also consolidate other higher interest rate debts into a lower interest mortgage. A refinance can get you cash out that you need now and save you on interest payments…

There is a laundry list of types of mortgages out there. The important thing is to find the one that takes best advantage of your circumstances and resources. For example, FHA loans are convenient if you don’t have sufficient capital for a down payment…

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