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<blockquote data-quote="Retired Educator" data-source="post: 252270" data-attributes="member: 3373">Yes, that should count as equity towards the home as the land will be included in the loan papers I would assume. Can't imagine a lending institution loaning money for a house and then trying to repossess without the land. I also like 30 year loans and then paying early as suggested above. Dependent on the interest rate, a long term loan isn't the worst thing. If you have a 30 year loan at 4% for example but can earn 6% on an investment it can make sense to leave that money invested and pay a lower rate. The biggest advantage to longer term notes for a house is the flexibility as mentioned above.Also very important, build what you can afford. You don't need 4000 sq.ft. if you are living alone. Unless that 4000 sq. ft. is a large garage for a boat, ATV, pickup, and a Corvette. Another consideration would be if you would marry someday is it easily remodeled to suit your wife. Build what you need and can afford.</blockquote>

[QUOTE="Retired Educator, post: 252270, member: 3373"] Yes, that should count as equity towards the home as the land will be included in the loan papers I would assume. Can't imagine a lending institution loaning money for a house and then trying to repossess without the land. I also like 30 year loans and then paying early as suggested above. Dependent on the interest rate, a long term loan isn't the worst thing. If you have a 30 year loan at 4% for example but can earn 6% on an investment it can make sense to leave that money invested and pay a lower rate. The biggest advantage to longer term notes for a house is the flexibility as mentioned above. Also very important, build what you can afford. You don't need 4000 sq.ft. if you are living alone. Unless that 4000 sq. ft. is a large garage for a boat, ATV, pickup, and a Corvette. Another consideration would be if you would marry someday is it easily remodeled to suit your wife. Build what you need and can afford. [/QUOTE]

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