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Jgreeson, Other/Just Looking in 45176

I want to buy some of my neighbor's land

Asked by Jgreeson, 45176 Thu Dec 29, 2011

I own a house on an acre and want to buy 5 acres of farm land behind mine. Can I refinance my mortgage to take on the additional price, or will i need to put money down and hold a second mortgage? I don't have much to put down right now...

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Jgreeson the first call I would make is to zoning both the county and the township or city to see if the property can be subdivided. After that you would need a title to prepare the transfer to make sure it is done properly. Check with your lender to see if you can refi to buy the additional land as some people have a large amount of equity and other owe more than their property is worth.
0 votes Thank Flag Link Fri Dec 30, 2011
You should speak to a lender about this, it will depend on the price and the value it adds as well as your credit and mortgage payment history. Talk to the lender with your current mortgage to see what they tell you. It can be possible to do.
0 votes Thank Flag Link Thu Dec 29, 2011
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