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Residential Lot Loan Rates
Posted on 7/8/22 at 2:13 pm
Posted on 7/8/22 at 2:13 pm
Anyone have a good website link to find residential lot loan rates? They few I checked all say call for latest rates. Why is it so easy to find mortgage rates but not residential lot rates? Not looking for one time close after construction. Looking strictly for lot loan, no timeframe to build at this time.
TIA
TIA
2
Posted on 7/8/22 at 6:43 pm to ThatsAFactJack
They are usually high with shorter terms, I mean that is OK if you plan to build and combine the loan with a home loan but that doesn't fit your situation. I saw an advertisement for 9% land rates, but that probably is high. We have been looking, we might buy a little more than we can pay cash for so I briefly glanced at loan options. I need space long term, subdivision life isn't for me, people are rude idiots.
Posted on 7/8/22 at 7:07 pm to armsdealer
I'm in the same boat as you. We are in a nice house in a cul de sac in a nice neighborhood and hate it. We want space to roam, kids want chickens and billy goats. I want cows.
I could put a good bit down cash but for what I want will need a loan to top me off.
9% is crazy to me.
I could put a good bit down cash but for what I want will need a loan to top me off.
9% is crazy to me.
Posted on 7/8/22 at 9:13 pm to ThatsAFactJack
We recently purchased a lot and financed with EFCU Financial (the credit union). For the best credit, they had a 100% LTV, 10 year balloon product (20 year amortization) at 5% APR. other options available depending on credit, but that was one of the best products I found. It was earlier this year - before the Fed rate increases. So the rate might be higher now…
Posted on 7/8/22 at 9:51 pm to Heyjude
quote:
We recently purchased a lot and financed with EFCU Financial (the credit union). For the best credit, they had a 100% LTV, 10 year balloon product (20 year amortization) at 5% APR. other options available depending on credit, but that was one of the best products I found. It was earlier this year - before the Fed rate increases. So the rate might be higher now…
I can second this
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