Can you get a home equity loan on a mobile home and 6 acres?
2007-08-16 08:38:51 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
A home equity loan is a loan for the amount of equity in your primary residence. Equity is the difference in value between what you owe and what the home is worth.
So if you bought your mobile home outright 3 years ago for 25K and it appraises for 10K now, you have 10K in equity.
I've talked to a few banks, and most around here won't do loans secured by mobile homes, but they might secure the loan against your acreage.
2007-08-16 08:43:43 · answer #1 · answered by Okiedokie97 3 · 0⤊ 1⤋
So you wish some cash for sudden expenses. The roof took on a leak, the deck decayed through and a replacement family addition tightened way. you got an excessive amount of Christmas on credit currently the bills are overwhelming. Junior got accepted to that league school. sound into your home equity will facilitate ease your monetary burden. Before electing borrowing raise yourself a couple of queries first.
2014-05-20 05:08:42 · answer #2 · answered by Poorna 2 · 0⤊ 0⤋
A home equity loan is a loan taken out from the equity of your home. A equity in your home is diferrence between the market value of your home and what you owe on the home. So if you owe 50,000 and the market value of your home is 80,000 you have a 30,000 equity in your home.
I think you can take a home equity loan on a mobile home especially if you own the land. Talk with several banks and see what your option are: closing costs, rate, points etc.
2007-08-16 08:52:03 · answer #3 · answered by Florentina I 1 · 0⤊ 0⤋
A home equity loan is a type of loan in which the borrower uses the equity of their home as collateral. Home equity loans are often used to finance major .A home equity loan may offer you the financial flexibility you need. Learn about the various uses and types of home equity loans............Red Deer Real Estate
2013-12-05 00:31:48 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Good question, you should check with your local lenders to see if they have any programs to help you. I would think the land itself would have equity value. I'm not sure a mobile home does.
2007-08-16 08:44:28 · answer #5 · answered by Anonymous · 0⤊ 1⤋
Second Mortgage. Not likely. Check a local Credit Union.
2007-08-16 08:42:01 · answer #6 · answered by ? 4 · 0⤊ 0⤋
Maybe.
What is the home and land worth and home much do you owe on it.
2007-08-16 08:41:52 · answer #7 · answered by Wayne Z 7 · 0⤊ 1⤋