Personal Banking · Loans ·
Lot Loans
Let us help you turn your dream of becoming a homeowner into a reality. If you’ve found the perfect spot for your future home but aren’t quite ready to build, a lot loan might be a good option for you. Lot loans allow you to finance the purchase of your dream lot until you’re ready to begin construction.
What is a lot loan?
Lot loans are used to finance purchases of land. A lot loan is different from a construction loan—lot loans pay for the plot of land that the final structure will be built on, whereas, construction loans pay for the construction of the structure itself.
Why choose Central Bank for your lot loan?
- Decisions Made Locally—Because Central Bank is locally owned and operated, we use in-house underwriting to make quick loan decisions right here in Utah County.
- Quick to Close—Once your documentation is complete, we can close on a loan in as little as 10 business days.
- Local Servicing—Your loan servicing stays at Central Bank, and your payments can be made directly to the bank.
- Automated Payments—Central Bank can automate your loan payments by deducting them from your account here or at another financial institution.
What do you need to start a lot loan?
To help make the loan application process quick and easy, we suggest you prepare and bring the following information with you to your first meeting with one of our experienced loan officers:
- Name and Social Security Number
- Income Verification – We will need a copy of your most recent pay stub and the last year’s tax return. If you’re self-employed, two years of tax returns will be required.
- Asset Verification – Gather any relevant documentation to verify the value of all assets, including checking and savings accounts, investments, or real estate.
- Lot and Subdivision information
- Estimated Property Value
- Requested Loan Amount