Buying land & Lending Questions

[deanna0976]

Okay I am still learning here and this site has been very helpful. I am fixing to make some big steps and need some good advice. My husband and I are fixing to purchase 7 acres to eventually build on. The Seller is allowing us to pay for 3 of the 7 acres and we will note out the remaining 4. He is going to release the 3 acres so we can use it at the bank for collateral to build a home. He will charging us 8% on the remaining land note. Purchasing the land will be taking a huge chunk of our savings. We have not picked any one yet to get home financing through. That is where I get overwhelmed. Where can I go to get a good mortgage? What do I need to be aware of? I was told that Capital One is good because there is only one close. My credit is around 720, my husbands is in the 600's. Thank you!

[terry1156]

Start doing some internet searches to get an idea of what the loan is going to cost. Also check out online banks such as ING and what their loan rates are. Then when you go into places close to you, you should have some basic info in hand. Like anything else, it takes some time and research. Approach it methodically and learn along the way and it will begin to make sense.