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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 And Loans

  1. 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.

  2. A lender will look for a strong credit history as well as a detailed building plan.

  3. 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.

  4. 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.

Down Payment For Land Loans

Typically lenders will require 50% of the purchase price for a down payment.

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Proudly Serving All Areas Of Ontario

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Get Smarter Financially For Your Dream Home Mortgage With Just a Call

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1(866)930-1660

Get Smarter Financially For Your Dream Home Mortgage With Just a Call

Call Us:

1(866)930-1660