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Ask Shop Rate: M - Washington

Posted by  on Apr 16, 2009
 
I am looking to purchase a piece of raw land that I have been leasing. What kind of loan do I need? I have several pieces of property with houses on them and they are free and clear, so would it be a mortgage loan or home equity loan? Generally, Land and Lot Loans tend to be difficult to obtain and usually come with a high interest rate. Also, your write offs tend to be limited because the costs annually are low on vacant land. Your best bet might be to refinance or take out a home equity line of credit on one of your free and clear rental properties to maximize your investments and deductions while receiving a generally lower interest rate.

Visit the Home Equity Loans category under our Learning Center for more details on your Home Equity options. One particular article to check out is titled “Home Equity Basics”.


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