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Interest Rates for Vacant Land

Michigan vacant land loan rates.

Interest rates on land vary depending on what type of land you are purchaing. Vacant land or raw land include programs from variable rate to long term 30 year fixed rates. Other factor that will affect the rate you qualify for include credit score, property type and Loan to Value. The chart below can be used to estimate interest rates for your vacant land loan. The rates below are only estimates that may change until you do a "rate lock". Ask your loan officer about locking in your rate to guarantee your low payments.

Interest Rates for Land Loans

Loan Product Rate / APR   Rate / APR   Eff. Date
Variable Rate RE 6% Lifetime Cap 3.75%/4.230% - 6.25%/6.684%   Oct 24th, 2014
1 Year Indexed ARM * 2.95%/3.643% - 5.65%/6.045%   Oct 24th, 2014
3/1 Year Indexed ARM * 3.40%/3.985% - 5.60%/6.045%   Oct 24th, 2014
5/1 Year Indexed ARM * 3.85%/4.485% - 5.60%/6.045%   Oct 24th, 2014
7/1 Year Indexed ARM * 4.30%/4.826% - 5.90%/6.325%   Oct 24th, 2014
10/1 Year Indexed ARM** 4.60%/5.148% - 6.25%/6.877%   Oct 24th, 2014
15/1 Year Indexed ARM** 4.90%/5.568% - 6.60%/6.982%   Oct 24th, 2014
10 Year Fixed 3.75%/4.878% - 5.50%/5.998%   Oct 24th, 2014
15 Year Fixed 4.45%/5.028% - 6.15%/6.577%   Oct 24th, 2014
20 Year Fixed 4.85%/5.487% - 6.55%/7.081%   Oct 24th, 2014
30 Year Fixed 5.25%/5.912% - 6.75%/7.356%   Oct 24th, 2014

Adjustments for Loan Rates

  • Credit score under 700: +.50%
  • LTV 80.01% - 85%: + .50%
  • Manufactured Homes: + 1.25%
  • Residential Homesite + .50%
  • Vacant Land: + .50%

Disclaimer: Rates and terms may change at any time without notice. Not all will qualify. Advertised rates assume: 1st lien, rate & term refinance mortgage on property; loan amount of $100000; loan-to-value ratio of 80% or less; credit score of 700 or better. The published rates are estimates posted solely for reference and does not constitute a commitment to make any loan at any specific rate. Speak with your loan officer to determine what rate you may qualify for based on your credit and real estate type.

*Indexed ARMs have a 2% annual and 6% lifetime cap.
**Indexed ARMs have a 9% annual and 9% lifetime cap.

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