Using Land Titles as Collateral for Building Homes

Home equity loans are popular among people who want to unlock the cash value of their dwellings. Likewise, you can borrow against the value of vacant land with a land equity loan. Some lenders are willing to accept a vacant plot as security on the loan.

Determine the value of the land you would like to use as collateral. You will need the original deed to the land to show ownership. You will also need a current appraisal of the value of the property. The lender will want to know what the collateral is worth prior to issuing any loan.

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Land Loan Collateral: What Lenders Will Accept.. Land loans are similar to home equity loans in time span. A typical land loan will mature in 10 – 15 years. The interest on these loans may or may not be deductible. Check with a tax expert to see if your land loan will qualify for a deduction.

As you begin to pay the debt, you start taking over parts of ownership in the home. This is called your equity in the home, and you can even use this equity as collateral down the line. A land loan is very similar. You will not own the land outright if you buy it using debt.

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Top Home Refinance Loan Providers. Despite using your home as collateral, qualifying for a home equity or cash-out refinance loan will still typically require a credit check to qualify. While low credit scores can impact your ability to get a loan, the more equity you have, the better your chances of being approved with a low credit score.