Land Loans

Land loans are financing options specifically for purchasing land, rather than developed properties like houses. When you secure a land loan, you're borrowing money to buy a plot of land that you may develop later or use for personal purposes. These loans can have higher interest rates and shorter terms compared to traditional mortgages since land is considered a riskier investment. They come in two types: raw land loans for undeveloped land and improved land loans for land with some utilities or infrastructure. It's essential to understand the terms and requirements before committing to a land loan.