Lot Land Loan

If you have been thinking for long to get a lot and building the home of your dreams then you've come to the right place Here we will be talking about lot land loan and how can you apply for the same. Getting the right lot land loan is very important, as it would help you secure the lot for your house and also a future investment.

How to Quailify

Let us the basic features of the lot land loan and how can you qualify for these loans.

Requirements for lot land loan

One of the most important factors, which can help you secure a lot land loan , is the down payment. When you opt to take this loan then the lender typically requires you to offer money down payment in the range of 20-40% of the total cost of the loan . This money is asked as security from the lender in return of the loan .

Next is your plan for building a house on the land that you wish to buy. Lenders would typically be interested in knowing when do you plan to build your house after buying the lot. By having a full proof plan and preferably a detailed architectural plan also your chances of qualifying for the lot land loan.

The nest important thing would be your credit score. If you have a good credit score then qualifying for the lot land loan would become easy and much simpler. However if you are suffering from credit problems then the lender might hesitate to offer the loan but qualifying for it might not be impossible.

Other factors include your financial status and ability to pay back the loan on time. When giving out the loan the lender would definitely be interested in knowing whether you would be able to pay back the loan on time or not."> Your income and assets matter a lot while applying for the lot land loan.

The process of lot land loan

The whole process of the lot land loan takes about 4 weeks to get completed. Here is the process that you would have to go through while applying for the lot land loan .

The pre-approval:

The time for this process to materialize can take a lot of time depending on the lender. The lot land loan is a bit different from the traditional mortgage loan and requires lot of verification and information. This can take a few days and if the lender gets the information that he is looking for then the process is quickened. After getting all the information and verifying it the lender can qualify you for the loan within a time period of 2 days most of the times. Usually if the pre-approval process is quick the whole lot land loan process can be quickened.

Appraisal:

This is one of the most important step from the lenders point of view as he would like to know the real value of the land. The lender determines the same based on different factors like location, use of property, market volume, etc. This process also takes sometime as determining the land value is not easy.

Title work:

This process does not require much time. You should however have a title commitment and a check is done to make sure the ownership and to make sure whether there are any judgments or hidden liens on the land If there are any problems on the land lot title then this can prolong the process of the lot land loan .

Communicating with the lender:

The land lenders are very intrusive and believe in detailed evaluation. Hence it is important for the borrower to be in constant touch with the lender. Only if everything between the lender and the borrower is well coordinated then the process of closing and completing the loan can be quick. You should have a constant update on the process of land loan and you should be aware of where your application has reached.

Choosing your lender

It is important that you choose your lot land loan lender carefully and be sure that you are getting the best deal from the lender. There are many lenders out there in the market who would be ready to offer you the lot land loan However it is important that you compare the offers from at least 4-5 lenders and go through the details of terms and interest offered on the loan .

Also make sure that you are aware of the reputation of the lender so that you know that you are going in for the right option. Look for the documents that the lender asks and the other details that the lender is interested in. You can easily find lot land loan lenders. Some of these lenders are mentioned below:

They have some of the best available lot land loan options and these loans are specifically designed to provide you with the best possible interest rate and terms on the loan . 7932 W. Sand Lake Road | Suite 106 | Orland o, FL 32819 | 813-886-7410; you can also fill out their online form or look for online support on their website to know about your queries.

Their loan offers the maximum flexibility on their lot loans. They have competitive loan to value loan offers, and some of the best loan terms. 624 Simpson Ave., Hoquiam, WA 98550; Main office: (360) 533-4747 or 1-800-562-8761 (toll free), fax: (360) 533-4743, e-mail: customerservice@timberland bank.com.

They offer good terms and rates on the land lot loans. They also provide loans to people having credit problems and with them you can borrow amounts from $35,000 to $1,000,000. You can contact them at 46 Prince Street, Rochester, New York 14607 ; phone: 585-256-2600, toll free: 800-390-7536, Fax: 585-256-2836; Email: info@normandy.com, Hours: Monday - Friday 9 am to 5 pm