If I own my land, can I get a mortgage loan to build a house, combine debt and payoff my car all in one???

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  1. Reply
    April 29, 2011 at 10:34 pm

    If your land is paid off you should be able to get that kind of loan.

  2. Reply
    April 29, 2011 at 10:37 pm

    I would think your land would have to be worth as much as you are borrowing.

  3. Reply
    April 29, 2011 at 11:30 pm

    Yes, if the value of the loan does not exceed a lending institutions base percantage amount of the value of your land based on your last years tax assessment.

  4. Reply
    April 30, 2011 at 12:07 am

    You will probably need to get a construction loan to build the house. As soon as the house is completed, you can get a mortgage to pay off the construction loan and pay off any other debt you might want to include. Good Luck!

  5. Reply
    April 30, 2011 at 12:36 am

    probably… talk to your bank about what you want to do .. and see what they have to offer..

  6. Reply
    April 30, 2011 at 12:46 am

    If you own land, you can take out a mortgage against the value of the property. Will it be enough to do all the things you want to do? Unless it’s a very large piece of land or is in an area where property values are at a premium, I’m betting you won’t be able to borrow enough to do it all…

  7. Reply
    April 30, 2011 at 1:35 am

    If you don’t owe anything on the land, you may be able to get a loan for your debt, car, etc using the land as colateral…

    Dunno about getting a construction loan using the land as colateral… you may be able to roll the two into one, though. Talk to a lender.

  8. Reply
    Mitch G
    April 30, 2011 at 2:31 am

    Is the land in a developed area? Can you show ownership? Was it purchased or gifted? If you can show the bank that it’s ready for building…you have plans and drawings and a builder I see no problem. Has the property been appraised, How is your credit? Is it building equity? Please feel free to contact me if you have questions at mitchg@mortgagemaven.net

  9. Reply
    April 30, 2011 at 3:24 am

    You can if the combined cost of building, debt to be paid off and the car is no more than 80% of the equity you own on land.

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