A land loan is used to purchase a plot of land. You may want to buy land to build your dream home or start a business. If you are looking at getting a land loan, a lot will depend on what you plan to use the land for.
If you purchased the house with less than a 20% down payment, the lender probably required you to buy private mortgage insurance. This also is true for any refinancing loans with less than 20% equity. Private mortgage insurance protects the lavender from the elevated risk presented by a borrower with a small down payment.
Buying a home is probably one of the largest, most significant purchases of your life, so when you need to get a mortgage, you want to make sure you're getting the best lender and the best deals. How do you do it? These four tips and advice will help you choose a great lender and get the best deals.