I am looking to purchase a salt water canal lot in Palm Coast Fl. but know nothing in regard to how loans are handled for lots. What is a good interest rate? Is there a such loan as an Option ARM?
Thanks for any input.
Lot loan rates are higher than the average home mortgage rate. They are also short term loans, usually 2 to 5 years. There are no option arms but 2 years fixed and 12mat ARM and 6 month Libor ARMs. The rates are between the high 7's and 9's.
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