Posted on: 31st Jan, 2011 04:04 pm
We paid 35,000 dollars for the land on Lake Barkley but we decide to look for a home already built in GA instead. Can this be done and if so what kind of interest rate are we looking at? Thank's Carol
Welcome josephdybowski,
You can use the land as a collateral in order to get a mortgage on that property and use that money to buy a new home. The interest rates will vary. You should contact the local lenders and check out the rates available in the market.
You can use the land as a collateral in order to get a mortgage on that property and use that money to buy a new home. The interest rates will vary. You should contact the local lenders and check out the rates available in the market.