Prior to getting into negotiations to purchase a Ski Resort vacant lot to build on in Utah, it is advisable to begin lining up your finance as you make your preliminary plans to let you include as much as possible under the umbrella of your total financing. It is good to be able to include all of your up-front costs such as architect plans and loan fees in your acquisition loan. You must, of course, be certain that including these charges is permitted as you explore your mortgage options for buying your building lot.
Financing on a vacant lot that you wish to build your dream home on is available locally as well as from a national source. As you pursue your mortgage options for buying a building lot and then seeking financing for your building project, it will be advisable to consult options both nationally and locally to find the best rates and terms.
The choice of loan you may be eligible for will be either a straight purchase loan or a construction to permanent financing loan. When you consider your mortgage options for buying a building lot, your loan amount will likely be either based solely on the value of the raw land or a construction to permanent loan which after taking into account your construction plans. If this is the financing option you elect, the lender will make you a two-part loan. The first advance you get will allow you to buy the land. The future disbursements will allow you to begin to build on your recently purchased land with the construction portion of the financing based on the projected value of your improvements.
When getting ready to buy your lot to build on, it’s wise to become aware of all your mortgage options. There is no one single source to introduce you to the ins and outs of buying your building lot and becoming aware of your mortgage options. The array of professionals in your court can each provide good advice and counsel to be sure that you are on the right path for success. An experienced real estate agent who is well-versed in new construction acquisitions and requirements is your first and best source for sound advice. An additional player to call in early in the game is a knowledgeable real estate attorney.
As you pursue your search for and purchase of Utah ski resort lots, look to these two experienced individuals. A third professional to have in your court is your mortgage lender. If you are working with a local institution, you will have the advantage of exploring your mortgage options for buying a building lot available whenever you need to meet. Working with an out-of-state lender means that you will have to arrange telephonic meetings. With the advent of Skype and other related services, such a meeting is no longer difficult or cost-prohibitive.
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