Refinance A Land
Hi All, I was wondering if you can refinance a land? Which bank does it ? I will appreciate your answer.
Thanks
Hi All, I was wondering if you can refinance a land? Which bank does it ? I will appreciate your answer.
Thanks
A lot (no pun intended) depends upon what kind of land and how much of it.
The banks I spoke to says - refinance as to get better rate - yes, depending on the lot and the area. Refinance to cash out - no.
It depends upon the size of the deal and location. A $30,000 deal in La (Louisiana) will have a much higher percent than a $1,000,000 deal in LA (Los Angeles).
Two factors affect this.
One: Local taxes and fees. Than can be a lot higher in one area than another.
Two: Deal size, it is simple math. If you pay $250 for an appraisal. Percent wise it has a bigger impact on a $30,000 deal than a $1,000,000 deal.