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why is raw property purchase not called mortgage loan and what kind of loan would i need to purchase

Profile picture for jayneOjungle
need a loan for a property purchase, how do I receive one?
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December 08 2011 - Albuquerque
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Answers (3)

Profile picture for Zilluminati
To add my two cents worth. If it is for a large piece of land, it can spill into the category of a commercial loan. The loans for "land only" are somewhat harder to find, a little harder to qualify for, and possibly carry higher rates than a loan on improved land, due to their liquidity being comparatively limited. They have been colloquially called, speculator loans.
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December 08 2011
Profile picture for First City Financial
A loan on land is a mortgage; like apple is a specific type of fruit, lot/land loan is a specific type of mortgage. Rudi has told you were to find it. Good Luck!
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December 08 2011
Profile picture for LUXURY HOME LOANS CA
You would be requesting a Land Loan or a Lot Loan. I suggest you contact a few local banks and credit unions and a national bank as: U.S. Bank or Wells Fargo. Good luck.

Happy funding, Rudi
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December 08 2011
 

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