Lot Loan
I’ve Got the Perfect Loan That’s Right for You. Purchase and Refinance Lot Loans Found the perfect lot to build your dream home? We offer lot loan amounts as high as $1,000,000 and Interest Only payments for up to 5 years.
Already own the lot, but need more time before actually building? Perhaps you need more time to develop plans, obtain necessary permits, or haven’t chosen a builder yet. Our refinance program enables you to refinance your current lot loan and gives you the extra time you need before building.
Features:
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Lot Loan amounts up to $1,000,000
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Fixed and adjustable rate loans available
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Flexble documentation options
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Finance closing costs and any prepayment penalties into your new loan
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Up to 20 acres
| Tips for Finding the Perfect Lot Tip #1: Limit your search to "finished" lots |
| A "finished" lot refers to a portion of land that already has utilities in place and road access. This will save you time and money when you’re ready to build. |
| Tip #2: Utilize the Internet |
| Let your favorite search engine help you do your research, especially if you’re looking for prime real estate in a golf community, ski resort, coastal area or somewhere in between. Some popular key words include “real estate lots”, “land to buy”, and “planned communities”. An increasing number of resort property developers are using the growing popularity of the Internet to market their lots to consumers like you. |
| Tip #3: Contact a real estate professional |
| There are real estate professionals who specialize in "finished" lots as well as lot developers that sell individual lots. Ask me for referrals, you’ll want to work with a real estate professional who has knowledge of the area and who has worked with lot buyers in the past. In a development with vacant lots for sale, it’s important to find one with the amenities you want – golf course, pool, boating access, security and more. |
| Tip #4: Consider financing your lot purchase |
| Found the perfect location but you’re not ready to build? Consider a Lot Loan from me. This is short-term financing for the purchase of a residential lot suited for future construction. When you’re ready to build, I offer our one-time close Construction-to-Permanent Loan. |
| Tip #5: Use the equity in your current home to help finance your new lot purchase |
| If you currently own your home and are looking to purchase land for a new home, you may finance 80% of the land purchase with a Home Equity Line of Credit. This lets you use the equity in your current home as the down payment on your Lot Loan. |
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