How to Secure the Best Interest Rates on Your Land Loan
Are you planning to buy land for your dream house or investment purposes? A land loan can help make that possible. However, getting the best interest rates on your land loan is crucial to avoid overpaying and stretching out your finances. In this blog post, we'll share expert tips on how to secure the best interest rates on your land loan so you can move forward with confidence in achieving your property goals! What is a land loan? A land loan is a type of loan used to purchase, develop, or rehabilitate real estate. The loan can be secured by the property itself (by mortgage), or by an underlying asset such as timberland or oil and gas reserves. A land loan typically has a longer term than other types of loans and requires a higher credit score. Types of land loans There are a few different types of land loans that you can secure for your home purchase. Here is a breakdown of each type: 1. Conventional – This is the most common type of loan, and it’s typically backed by the Federa...