With unfinished lots, lenders tend to keep loan terms shorter (five to ten years, for example)

With unfinished lots, lenders tend to keep loan terms shorter (five to ten years, for example)

Finished lots are less risky for lenders, so they’re more likely to offer single-step construction loans that convert to “permanent” (or 30-year) mortgages after completing construction.

Reducing Lender Risk

If you’re buying raw land, you’re not necessarily going to get a bad rate. Read More