If you’re eyeing a bit of land to construct a residence on or even to make use of for business purposes, don’t expect a mortgage that is traditional to invest in the purchase. You’ll probably need certainly to make an application for a land loan.
Land loans aren’t because typical as home loans, so might there be fewer choices. And you also could face with a larger advance payment requirement, an increased rate of interest much less time for you to repay the mortgage than you’d with a home loan. (more…)