Re: OT Any mortgage smarts people out there?

Posted by Matt from CT on August 11, 2007 at 12:07:20 from (76.232.61.78):

In Reply to: OT Any mortgage smarts people out there? posted by Dave H (MI) on August 11, 2007 at 07:33:15:

When I bought my house, we had to get a few appraisals and "cherry pick" the right one -- small house (600 s.f. -- my grandparent's old summer cottage), with 12 acres.

Type of mortgage I was going for was for a house, not development land. Had to make sure the appraisal the bank used had the house worth more then the land.

I suspect that might be what you're running into -- a mortgage that the lenders want backed most by a easily sold house, not having to worry about selling land for development or farm value.

Like others said, shop around...especially with companies / banks that are used to farm loans.

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