I used land loans a while back and had a pretty good experience with them. Up until the time that I needed one, I had no idea that there was such a term as “land loans”, I guess I just figured that it would be called a loan. I knew about construction loans but loans for land evaded me. So, land loans are, if you haven’t already guessed it, loans in which you use to buy land with. I had decided that I wanted to move out into the country and wanted a brand new custom home, so I needed one of these loans in order to do so.
I found the perfect place, a place that was far enough out in the country to get away from the hustle and bustle of city life, but not far enough to make a long drive to the city. I was driving around on one of my relaxing country excursions, and I saw this piece of cheap land for sale that was just right for my house. All I would need is to find some good construction loans and I would be on my way!
It was a few acres, so besides having a great spot to build a house on, there would be a heck of a lot of space for other things as well. I immediately stopped the car and got out to inspect the land. It only took me about an hour to decide that this was the land for me, and I called the number that was on the land for sale sign to speak with the owner. He gave me a quote, I told him what I was looking to pay, and we actually came up with a figure in which we were both happy with. I went to my bank the very next day so that I could apply for a loan and get the land before anyone else had decided what a steal it was.
Land loans take just as long to get approved as construction loans or other regular loans, but I have been with my bank for well over forty years, so it was probably quicker than average. After getting the loan I started planning what I wanted to build. This would be my dream home, out in the country, and in my very own style. Thanks to land loans I have the land that I need to build on and the next step is building my house. I hope it will be as easy as it was to find the land.