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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If your land is paid off you should be able to get that kind of loan.
I would think your land would have to be worth as much as you are borrowing.
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.
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!
probably… talk to your bank about what you want to do .. and see what they have to offer..
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…
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.
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
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.