What property buyers should know about land loans
If you're thinking about buying land, you'll be hard-pressed to persuade a mortgage lender to finance your purchase. Instead, you'll likely need to apply for a land loan. Land loans aren't as common as mortgage loans, so your options may be limited. Also, because of different factors, you could end up with a shorter repayment period and higher down payment and interest rate than you'd find with a mortgage loan. So, if you're considering getting a land loan, it's important to