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Paying off lot vs Saving up the cash for construction loan.
Posted on 4/27/14 at 1:36 pm
Posted on 4/27/14 at 1:36 pm
If I was to buy a lot, but not want to build on it for 4-5 years, would it be beneficial to try and pay off the lot and use it as the 20% or save the cash and just put the down payment on the lot and combine the lot and construction loan at the end into one mortgage?
Posted on 4/27/14 at 2:42 pm to TigerSaint1
I'm in same situation. I'm paying off the lot.
Posted on 4/27/14 at 4:02 pm to guesswho
In the exact same situation and will be paying off the lot.
Posted on 4/28/14 at 10:03 am to daviddsims
quote:
In the exact same situation and will be paying off the lot.
I close on my lot this Wed and my plan is to pay off the lot too.
Posted on 4/28/14 at 11:33 am to TigerSaint1
the lot can be used as your down payment or part of your down payment on the construction loan. So i would advice paying the lot off.
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