Angie, Other/Just Looking in Washington, DC

Refinance a piece of land in Franklin, NC before my interest rate changes.

Asked by Angie, Washington, DC Tue Nov 18, 2008

Due to the economy, I can't find a bank willing to refinance this property. Do you know of a bank that will give me a 30-year-fixed rate?

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Shirl Frantz, , Franklin, NC
Thu Nov 20, 2008
Hi Angie, Yes, really tough right now on refinancing land. Do you have a current appraisal on the property? If not you probably need to do that first and then depending on how much you still owe on it, you might have enough equity in it that a bank will refinance. I don't know if you have tried these banks but Nantahala, United Community and Macon Bank are some of the banks that very nice to deal with and can tell you what your options are. Good Luck
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Voices Member, , Franklin
Wed Nov 19, 2008
Hi Angie,

It is going to depend on the appraisal of the property now. If you have any equity in the land and how much you owe. Trying to work with a local lender here in Franklin might be a better option. Please let me know if I can help. Thanks Janice
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Larry Story, Agent, Greensboro, NC
Tue Nov 18, 2008
Angie you will have a hard time finding someone to refinance land in this market. A) it will depend on the present market value is it more or less then before. B) a 30 year fixed rate loan on land is going to be hard in a good market. If you give a few more facts I am sure an agent near you can put you in touch with some of the lenders in your area that could at least talk to you and tell you your options.

Hope this helps,
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