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Land Loans

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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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.

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.

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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  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… Equity loans are a popular method of using home equity to capture today’s low interest rates for making large purchases or investments. Get a lower interest rate than your first home loan for up to the entire value of your present home… Mortgage rates are at 20 year lows. If this is your first time borrowing for a home loan you can make a significant investment in your future at rates that may be here today and gone tomorrow. Let us connect you with a mortgage broker licensed in your state…
Debt consolidation brings your finances to manageable state if you are pinned under high interest rates that can be eliminated because of today’s historically low interest rates. Get the help of a qualified professional today through Expo Financial… A mortgage loan is a big decision for any consumer. Important in every home buyers mind is what kind of interest rate they can expect on their new home loan. In the early 80’s, a rate of 12% of was great, but today that number is around 5%…

Home equity is a great asset to have for financing a new loan. You can obtain a secure fixed rate loan using your first home as collatoral to get the money you need to make an addition to your home or pay for a large expense…

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