Buying land or building a new home? This article helps you understand lot loans, land loans and construction loans, and what kind of loan is right for you.
Learn how Lot Loans and Land Loans are different from standard “purchase money loans” for buying existing homes, including details about what to expect.
How to Compare Lot Loans. A "lot loan" is similar to a mortgage in that it is used to purchase real estate. Unlike a traditional mortgage, however, lot loans are more commonly used to purchase lots of residential land upon which a primary.