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Colorado Land Loans

Typically for Vacant Land Loans in Colorado you will need to use a local lender in Colorado as most Banks will not lend on vacant land outside their immediate area. The exception is if you do a second mortgage or refinance your existing home.

Interest Rate: With Vacant Land Loans the typical interest rate is usually more than what you would expect for a home loan and interest rates have been ranging between 7 and 8 percent for a land loan.

Length of Term: Most Banks or Mortgage Companies will loan on vacant land on terms ranging from 7 to 12 years only. But some will lend for longer terms. Depending on your credit some lenders will lend for 15-25 years on a straight term and some will lend for these longer terms but with a final balloon payment within 7 to 10 years.

Down Payment: For vacant land local Banks require 30-35% down. We do have some lenders that will do as low as 10-20% down again depending on your credit etc. For more information and to get prequalified contact Carol Dennis with Peak View Mortgage at 719-738-2367 or www.MyColoradoMortgageLoan.com

The figures below have been entered just as an example,  you can change them to better reflect the property price and terms that are closer to what you are considering.