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| *Ostroff, Fair and Company>>>Renting & Real Estate |
What kind of loan to buy property? |
I have decided to purchase some land for 10,000. I have 4,000 now. Do I look for a bank that has lot loans r should i apply for a personal loan? Is their a diffrence? Check them both out. On that small of a land loan you may be better off with a personal loan. Go to your local bank and/or credit union and see what they can offer you on both options. Good luck. There is nothing wrong with checking out both types of loans. Here is the biggest difference. A land loan is tied to the land. The bank has at least some collateral so the rate should be lower. A personal loan is unsecured so the rate will probably be higher. Hopefully you are buying a piece of land that is already considered buildable by the town or county. If so I would get a land loan. Had personal loans before on land. Come to find out it was unbuildable. :< |
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