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Land Loans

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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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.

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.

It is not uncommon for land loans to carry an interest rate that is a few points higher because of the added risk. For this reason it is sensible to make a sizable down payment on the land loan because it will be rolled into a single mortgage with your construction loan once the property is finished. Because land is often snatched up quickly once it becomes available it pays to talk to a lender before beginning your hunt to discuss your finance options so you can move quickly when land becomes available.

 


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Land loans can sometimes be as difficult to obtain as hard to find land in a desirable area. Seeking out your land loan finance options before hunting for land can help save you from the disappointment of seeing land you want snatched up quicly by another… The trends of mortgage rates are something followed closely by market analysists because home purchases are the largest buying decisions most consumers ever make… 2nd mortgages bring cash from home equity at low rates. 2nd mortgages are a great way to cover unexpected or large expenses at lower interest rates than a conventional loan…
An online mortgage lender serves as a buffer between you and a mortgage lender who actually finances the loan. A mortgage broker can help you get a better rate through a lender and uncomplicate the loan process… Interest calculators are a free tool you can find on our website that will help you to understand the dynamics of a thirty year home loan much better. In addition to estimating your monthly payments on a new loan you can also analyse the interest paid over the life of the loan…

Current mortgage interest rates are determined by several indices such as: the prime rate, the U.S. Treasury Security Yield, the Federal Fund Rate, and the 11th District Cost of Funds rate…

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