Have vacant land in good area . Worth less than paid for. Want to refinance 7% mortgage; Can't find lender for vacant land. Any suggestions
Answers | 2
You may have reached out to all of the local banks in your area, but have you tried your local credit unions? There may be credit unions that you can join easily that could help you to refinance. Keep in mind, though, that while there are government programs developed in the past few years to help homeowners refinance such as HAMP, they don’t apply to vacant land.
Look into a USDA (Dept. of Agriculture) loan, but I doubt you'll be able to do better than 7% for raw land. Lease it out and make additional payments to principal and get out from under the note altogether-years earlier.