If you’re eyeing a bit of land to create a residence on or even utilize for company purposes, don’t anticipate a old-fashioned mortgage company to invest in the purchase. You’ll probably need certainly to submit an application for a land loan.

Land loans aren’t because typical as mortgage loans, so might there be fewer choices. And also you could face with a larger advance payment requirement, an increased rate of interest much less time for you to repay the mortgage than you’d with home financing.