We need to refinance a loan for $20,000 because the payments are only paying the interest rate of over 12%. Part of the loan is land. What is our best option?
Answers | 1
#2. Refinancing a $20,000 loan that is partly secured by land may not be so easy. Your local bank may do it, but they may offer only a 2-3 year fixed rate, which will likely be interest-only as well.
You should always be entitled to pay something towards the principal balance on any loan.