z31maniac wrote: <Financing land doesn't make sense. Buying land does.I called about a "lot/land loan" just this week.
The APR is ridiculous, even for a young couple with a 750+ credit score and 100k+ gross/yr.
Think 7.2% for the best qualified, so even a $50k lot (remember land in OK is CHEEEAAAAP compared to most of the country) = a $600/month payment for a 10yr loan, or almost $900/month for a 5 year loan.
Our current mortgage is $800/month, nothing down, on a 1200sq ft house on 1/3 acre.
Buying land doesn't make much sense unless you're buying a big parcel.
1
2
-
Jan. 21, 2012 9:46 a.m. sachilles Dork
-
Jan. 25, 2012 9:38 p.m. CarKid1989 Dork
this got confusing and complicated quickly haha
