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Every Thing Else Board
Financing Land
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<blockquote data-quote="TexasBred" data-source="post: 506118" data-attributes="member: 6897"><p>If you find someone to finance your land hopefully it will be a fixed rate loan. Absolutely nothing wrong with an adjustable rate loan other than right the chances of it going down are slim to none. All it can do is go up. If you sign one check on the index they tie the interest rate to and how much it can be adjusted up or down at any one time. Also insist it have a cap which limits the maximum rate. So many of these low interest rate loans have high closing cost and you'll have to pay one or two points at closing which can add up to big money. Often cheaper in the long haul to pay a 1/4% to 1/2% more than pay the "prepaid interest" unless you're just looking for a tax deduction.</p></blockquote><p></p>
[QUOTE="TexasBred, post: 506118, member: 6897"] If you find someone to finance your land hopefully it will be a fixed rate loan. Absolutely nothing wrong with an adjustable rate loan other than right the chances of it going down are slim to none. All it can do is go up. If you sign one check on the index they tie the interest rate to and how much it can be adjusted up or down at any one time. Also insist it have a cap which limits the maximum rate. So many of these low interest rate loans have high closing cost and you'll have to pay one or two points at closing which can add up to big money. Often cheaper in the long haul to pay a 1/4% to 1/2% more than pay the "prepaid interest" unless you're just looking for a tax deduction. [/QUOTE]
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