How to Use a Lot Loan to Buy the Spot for Your (Future) Dream Home
If you’ve ever driven by a residential lot or a parcel of land with a For Sale sign out front, you might have thought to yourself, “Someone’s going to build a beautiful home on this piece of land”.
Well, United Bank is here to say…it can be you!
Finding the right spot to build your dream home requires the right balance of patience and preparedness. It’s important to find just the right spot that meets your needs, but it’s just as important to be ready to act quickly when that right opportunity does come along. When it comes to land, it usually comes down to three key things for people in the market for a new place to call home: location, location, location.
When can buying a residential lot or land make sense?
You may want to purchase that lot now to secure your location for the future. While packing everything up and moving right away may not be an option for you, taking advantage of a lot loan might be exactly what you need! That way, you can rest assured that you’ve secured the right place and then take your time as you find the right contractor, perfect the designs for your dream home and build up your savings and equity.
Why are Lot Loans a great solution to help you finance a piece of land?
Lot Loans are designed specifically for residential lots and land parcels with no house currently constructed on it. While this type of financing is very helpful, it’s also unique, and many banks and lenders don’t offer this program. Fortunately, our team of experts at the United Bank Mortgage Center specialize in managing and finishing these deals every day.
While the requirements, eligibility, and rates may differ from standard mortgages, our focus, like yours, is on ensuring that your investment is a good one. Plus, some construction loans can utilize the equity within the land to be put forth as a down payment. This allows you to chip away at the Land Loan and develop equity that you can use in the future.
Owning land and owning property have always been a part of the American dream, and we’re honored to help the people in the communities we serve leverage this program to realize it.
Learn more and see if a Lot Loan is right for you!
All loans are subject to credit approval.
Or feel free to call us today at 1-877-696-3956