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Message
Lot Loan
Posted on 12/26/13 at 12:32 pm
Posted on 12/26/13 at 12:32 pm
Any recommendations on a company to go with for a lot loan? The lot I want to purchase is in the Lake Ramsey subdivision north of Covington. I will not be building until 2 years down the road when the wife is out of nursing school and has a nice paycheck coming in
Brief personal credit history if it matters:
No major bills (truck paid off, live at dads camp)
Never taken out a loan
Always pay off 100% of CC
Never been late for a credit card or bill payment
Like I said I've never taken out a loan so any information will help. I'm starting from scratch here
Brief personal credit history if it matters:
No major bills (truck paid off, live at dads camp)
Never taken out a loan
Always pay off 100% of CC
Never been late for a credit card or bill payment
Like I said I've never taken out a loan so any information will help. I'm starting from scratch here
2
Posted on 12/26/13 at 12:42 pm to redneck
My financials are similar and I went with First American Bank & Trust. They offer a 15 year loan with a fixed rate for the first 5 years with very low rates compared to other land loans. Like you I plan to pay off within a couple years by paying well over the minimum, but have the safety net to fall back on if things get tight for whatever reason. Got it at 4.25% back in June, and was the best rate I could find at the time for land. Currently paying 2.5x the minimum and will throw Christmas bonus + Tax return at it also.
Posted on 12/26/13 at 1:03 pm to StinkBait72
Thanks, will look into it. I did the loan calculator on Wells Fargo and definitely plan to pay well over the minimum like you are
Posted on 12/26/13 at 1:24 pm to redneck
what are the values of those lots?
Posted on 12/26/13 at 1:28 pm to StinkBait72
Did they require 20% down?
Posted on 12/26/13 at 1:53 pm to yellowfin
quote:
Did they require 20% down?
The requirement was 10% down. I put down a little more and also have the cash on hand to pay it off, but didn't want to drain my savings due to the volatility of the field I work in. This may have helped get my rate down, but I don't really know how they determine these things.
Posted on 12/26/13 at 2:15 pm to StinkBait72
When we bought our lot, I went through E Federal Credit Union. We went ahead and got approved for the amt we thought we would need when it was time to build. Paid down the lot for 3 or 4 yrs. needed 20% down for he lot and 20% when it came time to build. If you plan on building, make sure to get a no work affidavit. It will save you some money when it comes time to start your build.
Posted on 12/26/13 at 3:02 pm to guttata
6% was the going rate for a lot loan when I bought 1.5 years ago.
Posted on 12/26/13 at 3:03 pm to saderade
quote:
6% was the going rate for a lot loan when I bought 1.5 years ago.
E-Federal was offering me the same last May with 20% down. While I have used them in the past, it wasn't the best offer at the time.
Posted on 12/26/13 at 8:25 pm to StinkBait72
I also paid 6%
Posted on 12/27/13 at 12:55 pm to guttata
whitney bank guys i work for them but i dont do lot loans. we have a 15yr fixed product and depending on credit you can do as little as 20% down.
Posted on 1/2/14 at 12:12 am to guttata
quote:
When we bought our lot, I went through E Federal Credit Union.
You do realize credit unions have "non-profit" status and don't pay taxes right?.....
I'm not okay with that.
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