Question about equity in land

[usnavy_233]

I'm buying a piece of land soon and the assessed value is a little over $21K. I'm purchasing it for $15K w/ $3K down and $12K financed.

My wife was wondering if we will have a means of accessing the $9K or so in equity while we're in the process of having the house built on it. I told her I didn't think we would have access to it until the whole process was done and the land and house were all in one mortgage. What say you all?

[George23]

I think that a quick call to a mortgage broker or your local bank would give you the answer pretty quickly. I would call at least 2 different places though.

[Ima saver]

I am almost certain that you will not have equity, not until the house is finished.