have your dream house perfectly sketched in your
mind. Picture perfect and on the exact location of
that you always wanted. If you have found the land
on which you wish to make that dream house a reality,
and all you need is finance, a land purchase loan
will provide you finance to acquire the land.
Land Purchase Loan
you want to purchase land either as an investment
or for your own dream home, you will find that a
land purchase loan is one that is structured for
this requirement. Loans strictly for land purchase
can be as scarce as good residential lots. While
many lending firms around the nation compete to provide
mortgages for the purchase of a house on a lot, only
local institutions typically will be interested in
lending for an empty lot. You can apply separately
for a construction loan to build a house on the land
you have purchased.
typically a smaller loan than a home mortgage
can purchase your land, then take your time building
loans can carry higher interest rates and bigger
down payments than conventional mortgage loans, to
reflect the increased risk.