Obtaining financing for a recreational parcel of land is not at all like applying for a home mortgage. You will find that your neighborhood bank most likely will not mortgage vacant property. For the bank, it is somewhat risky if you default on your loan. Unlike a house or a car, most banks do not want to be involved with the resale of vacant property. We have different options for you to choose from in financing your land. One of which is dealing with a finance company through us, that does loan money to purchase land. You will be required to fill out a standard loan application with the general information all applications require (i.e., name, address, income and employment information; current assets and liabilities, auto information and other assets). The minimum down payment required is usually 25%. Interest rates are normally higher than what a home mortgage would be; usually by 3 to 4 interest points. We can give you the current interest rate, to the day, when you contact us.
In the past we have seen many customers who have chosen to pay for their property through home equity loans / lines of credit. This may be an option worth exploring as the interest rate is normally lower than the interest rate a finance company would offer. Regardless of your situation, if financing is needed call us, we are here to help.
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