If you’re buying land to build a primary residence or a second home, our lot loan may help you finance the land purchase. Financing is available for single residential lots up to 5 acres, that have basic improvements and utilities required for the area.
We provide the information you need to:
Make an informed decision • Find a low interest rate • Get your funds quickly
With a lot loan:
- Cash when you need it: Receive your funds in a lump sum — you get the full loan amount at once.
- Payment stability: The fixed interest rate provides a predictable monthly payment that does not change throughout the life of the loan.
Wells Fargo customer relationship discountYou may be eligible for a relationship discount of 0.375% with a qualified Wells Fargo deposit account and automatic payments.2
- You can only have one open lot loan.
- You must have a minimum six-month deposit relationship with Wells Fargo.1
- This loan can be in first-lien position only and is not a construction loan — construction must not have started or be in process.
- Fees include an origination fee, third-party fees such as appraisal or title, as well as recording fees and mortgage taxes if your state requires them.
- Hazard insurance is required. If your property is in a flood zone, you will also need to purchase flood insurance.
For your home equity needs:
A lender in a first lien position would be the first creditor to benefit from any funds received in the event that a loan is in default and the property is to be sold.
With a fully amortized loan, paying the monthly principal and interest due will fully pay off the loan by the end of the loan term.
A large lump-sum payment due at the end of some types of home equity lines of credit or home equity loans.
1 Deposit products offered by Wells Fargo Bank, N.A., Member FDIC.
2 Subject to the minimum floor rate, the stated 0.125% Wells Fargo relationship discount when you have a first mortgage with Wells Fargo Home Mortgage. Only one qualifying discount per new Wells Fargo home equity line of credit will apply. To qualify for the discount, customers must maintain automatic payments from a qualified deposit account. If the automatic payment is not selected or is cancelled at any time after the credit account is opened, the interest rate and corresponding monthly payment may increase. The stated 0.375% discount for a qualified Wells Fargo PMA® Package relationship. Only one qualifying discount per new Wells Fargo home equity line of credit will apply. To qualify for the discount, customers must maintain a PMA Package checking account and continued automatic payments from a Wells Fargo checking or savings account. If the qualifying checking account is closed, or if the automatic payment is not selected or is cancelled at any time after the credit account is opened, the interest rate and corresponding monthly payment may increase. The PMA Package is free of the $30 monthly service fee for each month the statement-ending balances in qualifying deposit accounts, credit accounts (10% of outstanding eligible mortgages), and brokerage accounts (available through Wells Fargo Advisors, LLC), total $25,000 or more. Deposit, including PMA Prime Checking account, offered by Wells Fargo Bank, N.A. Member FDIC. Additional restrictions, limitations, and exclusions may apply; please contact a Wells Fargo banker for further details.