Mortgages Raw Land / Lot Mortgage Financing
Mortgages on Raw Land what you should consider
Mortgage financing for raw land in the private mortgage market is available for most major areas in BC & AB Canada.If you are looking for information for bank financing please click on the banking services tab. Keep in mind a land only property comes with higher risk to lenders so with anything in life a higher risk for lenders means a higher reward for the lenders.
Land only financing will have one of the highest rates of interest applied to the mortgage than say a standard residential home refinance. If you have an additional property(s) to secure the loan against, a more favorable rate & term may be able to be negotiated by way of (Inter Alia). It is best to consult your Vancouver BC Mortgage Broker to properly navigate your application and discuses more possible options that might be available to you. The content on this site is for information purposes only and you should always contact your Vancouver BC Mortgage Broker to make Financing decisions.
What is the Maximum a lender will allow you to borrow on Raw Land?
Most equity lenders will lend up to 50% LTV (Loan to Value) - Value of property x 50% = LTV
Based on the strength of your application and what purpose you are using the financing for a higher level can be reached. If you are looking for financing to build a home or develop the land, then a draw mortgage is probably the financing you are looking for and that information will be covered on a different page of this site called construction financing.
Things to consider when looking financing your Lot:
- Is it serviced
- Does it need environmental phase 1 or phase 2
- Is there road access
- Is it in a major center
- Legal costs of arranging financing
- Broker fees for arranging financing
- Lender fees for arranging financing
- Appraisal cost for arranging financing
No matter where you live, Mortgage Rates BC can help provide you with the right Mortgage Solution for now and for your future. Are you looking to Buy your First Home in Vancouver BC or Refinance your current mortgage in Kelowna BC or Consolidate Debt in Victoria BC we have the tools to get the job done for you no matter where you live.
We have the experience to handle the most difficult residential refinancing too. If you need Private Mortgage Help in Surrey BC or a 2nd Mortgage in Burnaby BC or if you are facing a possible foreclosure in Richmond BC, Mortgage Rates BC has the knowledge to inform you of your options and the lenders that have tailor made solutions to Help.
We are just a click away on our Contact Application or by phone at 778-839-3963. Call or Click today and let us handle your Mortgage request for you and have the peace of mind knowing you have a professional on your side.