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Land Loan question
Posted on 2/12/14 at 11:27 am
Posted on 2/12/14 at 11:27 am
Posted in OB forum also, but figured id put it here also. Looking to buy 7 acres of raw land behind my house that will not be used for anything, just to keep some derps from living behind me. Never took out a loan for land, just curious of whats normal type of rates and for how long... Land is only 20-22k. Called one bank and offered 15% down w/ 5.5% rate for 5yrs balloon. Gona cost me about $380 month. TIA
3
Posted on 2/12/14 at 11:36 am to sonoma8
Not long ago Campus Federal offered me 5.625% fixed for a 12 year land loan if your looking for a longer term.
This post was edited on 2/12/14 at 11:39 am
Posted on 2/12/14 at 12:55 pm to LSUpetro
just called them, only offering balloon at 7.75% intrest
Posted on 2/12/14 at 3:11 pm to sonoma8
I just paid off a land loan similar to yours. I got it for 4.5% for five years for $330 a month.
Posted on 2/14/14 at 8:36 am to Churchill
Ok, dumb question i know but how does a balloon loan work?
I understood it is as long as you pay it off by the certain deadline, its a reg monthly payment, but if you go past it, they charge the new intrest to the intial loan amount.
was also told that the payments go up the closer you get to paying it off???
I understood it is as long as you pay it off by the certain deadline, its a reg monthly payment, but if you go past it, they charge the new intrest to the intial loan amount.
was also told that the payments go up the closer you get to paying it off???
Posted on 2/14/14 at 8:51 am to sonoma8
I would call one of the federal land bank groups.
Louisiana Land Bank
Mississippi Land Bank
They have them in Texas as well.
Louisiana Land Bank
Mississippi Land Bank
They have them in Texas as well.
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