Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Hello...need some advice here if anyone can help. I am looking for a low interest rate lot loan. We are working with a loan office that was recommended by the company who sold us the land. The rate offered is 6.25. I was wondering if there were any rates lower than that? Any help would be appreciated. Thank you.
Hello...need some advice here if anyone can help. I am looking for a low interest rate lot loan. We are working with a loan office that was recommended by the company who sold us the land. The rate offered is 6.25. I was wondering if there were any rates lower than that? Any help would be appreciated. Thank you.
Almost seems to good to be true for a bare lot loan. Doubt you will find better.
Oh wow so the 6.25 is on the lower end. I plan to pay off the loan in year and a half at the latest and just want to avoid paying as much interest as I can.
Why do you feel like thats going to happen? Ok I did for get to mention that the first 2 years is at 6.25 and after that it goes to 8%. I have already calculated that I will finish paying it off before that. I havent signed the papers though so if you have some advice for me or can tell me something I need to watch out for please let me know.
It would help to know who you are borrowing from because some lenders have a reputation for ripping you off... its strange for a land lot loan to be an ARM loan. I would look out for prepayment penalties which can be several thousand dollars.. I don't understand why it is ARM on a land loan which can affect whether it is amortization for 30 years or not, potentially costing you thousands of dollars as well... it doesn't sound like it is which will affect your payment... there are also other factors as well... sounds very fishy...
It would help to know who you are borrowing from because some lenders have a reputation for ripping you off... its strange for a land lot loan to be an ARM loan. I would look out for prepayment penalties which can be several thousand dollars.. I don't understand why it is ARM on a land loan which can affect whether it is amortization for 30 years or not, potentially costing you thousands of dollars as well... it doesn't sound like it is which will affect your payment... there are also other factors as well... sounds very fishy...
The loan is from Woodforest bank here in Houston.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
