how to finance buying a lot?
Question: i’m looking to buy a lot and have a few questions. can you get a mortgage to buy a lot with no house on it? if so, what kind of closing costs are there? if i get a home equity loan, will that interest be tax deductible? when you buy just a lot, what kind of closing costs are there?
Answer: yes. i’m looking to do a home equity loan to pay for it. if that interest is definitely tax deductible, then that’s the way i need to go. my bank used to advertise no closing costs home equity loans. i guess when you’re buying land though there are still costs you can’t escape such as survey, title search, and legal fees.
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Filed under: Home Equity Loan
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