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What Is A Land Financing Mortgage?
A land loan helps you purchase a piece of land so you can build on it. It can be more difficult to qualify for this type of loan which is because the lender typically has a hard time reselling the land as they would a house. Because of this, land loans tend to come with higher interest rates and require higher down payments than traditional mortgages.
Please note undeveloped land might be lower in price than developed land but financing it poses a greater challenge.
Types Of Land Financing Mortgage
- Raw land undeveloped land- There is no water, power, sewage or roads. It may be cheaper to purchase but might cost you more in the long run with loan payments. This is the riskiest option.
- A lender will look for a strong credit history as well as a detailed building plan.
- Unimproved Land- this land still does not have basic components such as water and power but may have a road. This is considered a step up from raw land.
- Improved land – a piece of land that is ready or near ready to be developed. This is the most expensive type of land to purchase.
We are always there for you to help make the right decisions for your Land Financing Mortgage.
For the last 15 years, We have been providing the communities of Ontario with flexible, trustworthy business and residential mortgages to make home and commercial facility accessible.
We will assist you in comprehending your financing possibilities and locating an affordable mortgage. We will walk you through the procedure and make it as simple and straightforward as possible.
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Need help making the right decisions for your mortgage? Provide us your brief information and send us. We will get back to shortly.
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