Codilis and Associate is a law firm that provides legal services within the mortgage lending and real estate industries. Attorneys from Codilis & Associates have represented clients within and outside Illinois in matters relating to real estate.
Although the state and federal government owns a huge chunk of land within the borders of the United States, private citizens also have the right to own lands. People need substantial capital to purchase land, so institutions often offer land loans to assist potential buyers.
Like mortgages, land loans are credit instruments that allow individuals to borrow money to purchase a property. You can apply for a land loan to buy and build on it from scratch. A land loan differs from a mortgage in that its interests are higher compared to mortgages, and you do not have any home that will serve as collateral.
Because land loans are risky for lenders, getting one is usually quite stringent. First, you must show the lender you have a good credit score above 700. You must also explain your intention and purpose for the land.
