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Today: 20.01.2018 - 03:23:32
   Canada Mortgage Hub Discussion Board -> Mortgage Rates Canada -> In Canada, is a mortgage for land different than a mortgage for a house?
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rmoore6483

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In Canada, is a mortgage for land different than a mortgage for a house?
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Average mortgage in canada
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nrundquist

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In Canada, raw land is usually tough to get a mortgage on through a normal bank. Banks will want 50% down or in some cases they don't want to touch it unless you are going to build on it eventually.Credit unions are more open to land but again, they will want 25% down at least.Another way to get it done easier is if you have lots of equity in your house, refinance it to take the equity out and use that liquid cash to pay for the raw land. You will as well be able to get a lower rate because its a more tangible asset than just raw land.Good luck,Victorvjanus@CanadaMortgageTeam.com
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