Can someone get a loan (mortgage) for a piece of land, or does that only apply to houses?

Answer 1

Yes, banks loan on unimproved land w/25% down and good credit. Check around, fees may vary bank to bank as may the interest rate.

Answer 2

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RE:
Can someone get a loan (mortgage) for a piece of land, or does that only apply to houses?

Answer 3

Mortgage On Land

Answer 4

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Answer 5

It's called a lot loan. The interest rates are a little higher and you will have to put down at least 20%. Most of these loans are ARM's (Adjustable Rate Mortgage).

Answer 6

Of course you can take out a loan on a piece of land. The land would be used as collateral. I don't know if it would be called a mortgage, but who cares?

Answer 7

Yes, you can get a loan (mortgage) for land...If you plan on building on the property, you should go for a Construction Mortgage. They're called different things in different places, but essentially, they loan you money to buy the land and to build your property.

Answer 8

A mortgage lien may be recorded against any land, and indeed many or most farms and commercial forests have such mortgages.

A commercial lender will usually lend against vacant land only in anticipation of development, but if you can find a lender that lender can certainly record the lien.

Private lenders tend to take riskier positions, but they also charge more. A mortgage broker can tell you more.

Answer 9

Yeah, depends on the land...but most houses come with the land too. You can get a loan for just about anything. I know people buy land on loan and build houses on it years later, or sell it.

Answer 10

Yes. You can get a loan for the value of the land and/or if you plan to build a house, get a loan based on the future value of the property with the house on it. Just dont be wrong..