You have been looking for some time, and dreaming about getting a lot and building a great house for you and the family. Well, you’ve found the lot and are now looking for the right financing for it. Getting the right lot loan for your new investment in life can be had if you will look around for it, and not move too quickly. Here are some tips to help you get that perfect lot loan.
Know What You Are Looking For
In order to know a good deal when you see one, you are going to have to know a little about lot loans, and their terms. This means doing some old-fashioned homework. Now there is a word that you need to get used to – again. It will prove to be well worth it after you have landed the good deal and sifted out the bad – and saved yourself thousands of dollars.
Have An Investment Ready
Although lenders can be found that will give you a loan for up to about 90% of the price, you will get a better deal and interest rate if you can pay for at least 20% of the loan to value (LTV), but you do not want to pay more than 35%. Beyond these two extremes, you probably won’t get a loan.
Establish A Date To Build Your...
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