Loan Question?

Question

I am a college student w/ mediocre(limited) credit, I do own a home though which is completely paid off. If I were to try and take a small loan out from the bank could I put my house up as colateral?

Answer 1

Sure. The banks usually won't go less than 10,000.00 but every bank is different so check with your bank. You can get an equity line of credit. That's is a lot like a credit card but with lower interest. You just write checks for what you want and then pay it back. The bank will set a credit limit based on the equity you have in your home. Since your home is paid off that could be a large sum. The good part about an equity loan is the interest is deductible. The bad part is since it is set up like a credit card if you are late on a payment your interest rate goes up. So be careful and good luck. :-)

Answer 2

If you own a home free and clear, you actually have PERFECT credit. I have talked to 1 self made millionaire this year. His personal credit score does not exist. FICO responded the his request for his score with a letter (which I have actually seen) stating they can't compute a score because he does not have any debt accounts. As long as you don't have BAD credit, ANY bank will offer a home equity loan. Your equity is the FULL value of the house. Those that mentioned a minimum have no clue.

Answer 3

A small loan for a bank to consider as a mortgage might be on the order of $50,000.

Answer 4

Beware of Advance fee Loan scams.

my Advice: Don't deal with anyone from a foreign country and never use

wire transfer services.. you risk losing your $$ and your mind.

Answer 5

The smallest loan you will able to get is $50,000.00 and depending on how much your house is worth you can always dump the money back into the mortgage any questions feel free to email me

[e-mail]

Answer 6

yes,
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