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Old 08-08-2008, 10:54 AM
 
343 posts, read 875,145 times
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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.
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Old 08-08-2008, 12:54 PM
 
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Wow, that's pretty good... can you tell me the name of the loan company? Most rates that I have seen are 7.75% and higher...
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Old 08-08-2008, 01:09 PM
 
4,983 posts, read 12,670,285 times
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Quote:
Originally Posted by ssgmun5000 View Post
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.
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Old 08-08-2008, 01:58 PM
 
343 posts, read 875,145 times
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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.
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Old 08-08-2008, 08:02 PM
 
Location: Cary, NC
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Unless there are some serious hidden terms like points, penalties or fees... that is a good rate for a land loan.
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Old 08-08-2008, 11:51 PM
 
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I feel there is going to be some bait and switch with this guy...
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Old 08-09-2008, 09:41 AM
 
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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.
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Old 08-09-2008, 09:37 PM
 
20,194 posts, read 21,516,632 times
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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...
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Old 08-10-2008, 03:46 PM
 
343 posts, read 875,145 times
Reputation: 165
Quote:
Originally Posted by evilnewbie View Post
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.
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