Lot Loan - 12/26/13 | TigerDroppings.com
Posted by
Message
redneck
New Orleans Saints Fan
Bay St. Louis
Member since Dec 2003
47278 posts

Lot Loan

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


StinkBait72
USA Fan
Member since Nov 2011
1086 posts

re: Lot Loan
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.


redneck
New Orleans Saints Fan
Bay St. Louis
Member since Dec 2003
47278 posts

re: Lot Loan
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



Replies (0)
Replies (0)
Chad504boy
New Orleans Saints Fan
Five Oh Four
Member since Feb 2005
87165 posts
Online

re: Lot Loan
what are the values of those lots?


Replies (0)
Replies (0)
yellowfin
Illinois Fan
Coastal Bar
Member since May 2006
75027 posts
Online

re: Lot Loan
Did they require 20% down?


StinkBait72
USA Fan
Member since Nov 2011
1086 posts

re: Lot Loan
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.


guttata
LSU Fan
prairieville
Member since Feb 2006
20383 posts

re: Lot Loan
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.


saderade
New Orleans Saints Fan
America's City
Member since Jul 2005
21592 posts
Online

re: Lot Loan
6% was the going rate for a lot loan when I bought 1.5 years ago.


StinkBait72
USA Fan
Member since Nov 2011
1086 posts

re: Lot Loan
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.


guttata
LSU Fan
prairieville
Member since Feb 2006
20383 posts

re: Lot Loan
I also paid 6%


hawkeye007
LSU Fan
greenwell springs
Member since Feb 2010
2006 posts

re: Lot Loan
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.


Replies (0)
Replies (0)
Kreg Jennings
LSU Fan
Parts Unknown
Member since Aug 2007
1527 posts

re: Lot Loan
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.


Replies (0)
Replies (0)
Page 1 of 1

Back to top

Follow TigerDroppings for LSU Football News
Follow us on Twitter, Facebook and Instagram to get the latest updates on LSU Football and Recruiting.

FacebookTwitterInstagram