I want to take out a loan to pay off a land contract as well as do some home repairs. What kind of loan should I get?
A mortgage loan may work well for you. Certainly it depends on the property and your credit qualifications. You can speak with your bank or other mortgage lender and ask about a loan that will allow a buy out of the land contract, plus the home repairs. It may be that the loan will have two phases. The first stage allows advanced to finance the purchase and repairs; the second stage is often called the "permanent" stage, and involves the repayment of the loan. This may provide you with the financing and tax deductibility.
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