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Land Loans

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.

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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.

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.

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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  Home Lending Resources
Land loans are taken out solely for the purpose of building a new home. Lenders often want to know that the construction on a home will begin within a month or two of when the lot is bought and also that the land is suitable for construction before processing the loan… Our mortgage calculator is a great first step to deciding on your loan before you face any obligations or hour long phone conversations. Try our free calculators as many times as you’d like to estimate the payments for a loan that suits your needs… VA Loans are affordable mortgage options for veterans of the United States armed forces. The Veteras Administration is generous with its qualification requirements and the loans require little to no down payment and are good for up to $240,000…
Loans are an inescapable reality of our economy. Only getting the best rates you can will save you over the long run. Working with a qualified professional you can help will best represent your interests to the bank and get you lower loan rates… Mortgage loan calculators are free tools provided on this web site to help you determine what loan best accomodates your needs for financing your future. After doing a few calculations feel free to fill out our short form to talk to a professional mortgage broker…

Home equity lines of credit are similar to home equity loans except your money can be taken out in increments over a long period of time at a variable interest rate. You can borrow up to 80% of the total equity you have in your home and it is easier to obtain than a traditional equity loan…

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