However, you should expect the required down payment to be much higher than the down payment on a home mortgage. While you may be able to find a lender that will require 20 percent down, some will ask for 50 percent down. And, the interest rates will also be higher since it is a high risk loan.

The condition of the land and what you plan to do with the piece of property will affect the loan. If the land is considered as raw land, with no structures or utilities, it will be much harder to secure the loan. And, the ease of access to the property will also affect your chances of being approved.

Land loans typically are written for terms that range from 10 to 15 years. Having a solid plan of what you intend to do with the property can help you in obtaining the loan. If the lender knows that you’re serious about improving and using the land, they’ll be more likely to take a chance on the loan.

Here are some tips on finding the best current account:

1. Find out if the bank lets you transfer money from your current to your savings account to earn high interest.
2. If you withdraw more amount of money than what is present in your current account, you will end up paying extra charges. This is called overdraft charges. Look for authorized overdrafts only because unauthorized ones are expensive.
3. Choose a bank that provides online banking service for your account 24 x 7. If you are someone who withdraws money during the wee hours of the day, you need to make sure that your bank provides online banking service at any time of the day or night.
4. Find out if the bank provides online bank statements for any time period.
5. Go for a bank account that lets you make bill payments online. Some banks also provide automated bill payment service to make sure your bills are paid on time without you making payments manually.
6. The customer service department should be able to answer your questions and help you politely and provide you with correct information. This will make you realize the quality of their service.
7. It would be great for you if the bank allows you to aggregate all your online banking accounts including your current account through the same webpage. It will conveniently help you to manage your accounts without entering username and password to checkout each of your accounts.
8. The most important feature of the online bank should be that it should provide utmost security to its customers from online hackers.