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Loan
How to know what are the best types of loans in land purchasing and how to go about the best interest rates? Commonly, when one gives a land loan, he puts much more at stake than someone offering another type of a loan.
Land loans are more hazardous for lenders, since the land is currently vacant, which makes it easier for the new owner to disappear and leave the lender with the property.
Therefore, down payments and interest rates are typically higher for the land loans than for mortgage loans.
The type of loan is highly dependant on the property itself, the ultimate objectives of the purchasing and the estimated period for work completion.
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