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Discussion Starter · #1 ·
I have the opportunity to expand the homestead a bit. Not exactly sure on the asking price but need to secure financing before I start bargaining. I'm guessing around $200K. I could put 25% down.

Any recommendations on what reasonable terms are regarding loan length and interest rates?

Any recommended lenders? I have a few quarries out to local institutions.

Would be interested in hearing what others have done both good and bad.

Thanks in advance.
 

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Depending on the length of time you prefer to ay it back, there are some pretty good deals out there on "Home equity line of credit" (heloc), and home equity loans. The terms, quicker closing and rates sometimes make these a good fit for what you are doing.

If your looking to stretch it out 20/30 years, you should still be able to get a fixed rate for 2.75% - 3.25%, depending on the details.

I would defiantly shop it around, putting 25% down puts you in a good spot with banks. Putting points up front on the loan will also get a better rate. Ask your banker if you are better off using part of your 25% down as points on the loan. They can do the math and see what fits your situation best.
 

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The couple I called wanted 25 percent down for land only. Big banks won't usually do them so look at some local lenders. I ended up using a home equity loan. It was a better option.
 
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