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† The payment on a $250,000 29-year fixed-rate loan at 3.595% and 80% loan-to-value ratio (LTV) is $1, for the cost of 1.375 points ($3,) due at closing. The annual percentage rate (APR) is 3.554%. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Rates shown valid on publication date of ount restrictions may apply.
‡ The payment on a $250,000 30-year fixed-rate loan at 3.750% and 80% loan-to-value ratio (LTV) is $1, for the cost of 1.375 points ($3,) due at closing. The annual percentage rate (APR) is 3.891%. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Rates shown valid on publication date of ount restrictions may apply.
* Clients will receive a reduction in interest rate on 29 year Qualified Mortgage (QM) conventional loans so that their pricing results in a monthly payment equal to a 30 year with identical rate, finance charge, and any other applicable factors. Pricing adjusted for principal and interest payments only, with no adjustment to taxes, insurance, or any other factor that ount. Offer valid only on non-jumbo conventional products. Offer valid on new applications received between . Offer does not apply to new loans submitted to Rocket Mortgage through a mortgage broker based on wholesale pricing. This offer cannot be retroactively applied to previously closed loans. This offer may not be applied to loans already in process. Rocket Mortgage reserves the right to cancel this offer at any time. Offer is nontransferable. Offer may not be redeemed for cash or equivalent. Acceptance of this offer constitutes acceptance of these terms and conditions, which are subject to change at the sole discretion of Rocket Mortgage. This is not a commitment to lend. Additional restrictions/conditions may apply. Not valid with any other discount or promotion.
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Unlike raw land and unimproved land, improved land has access to things like roads, electricity and water. Improved land is the most developed type of land, so it may be more expensive to purchase. However, interest rates and down payments for an improved land loan are lower than they are for a raw land loan or unimproved land loan. Nonetheless, it’s still important to make a significant down payment and have a good credit score.
On the other hand, if you’d like to use a land loan for commercial purposes, you can apply for an SBA 504 loan. SBA loans are provided by the U.S. Small Business Administration (SBA) and designed for business owners looking for funds to help contribute to the cost of the land purchase. The interest rates and terms of SBA loans can vary, but the repayment period typically lasts 10 – 20 years.