Would I be able to obtain an equity loan on real estate I own…?
Saturday, 7. August 2010
I was wondering if I would be able to obtain an equity loan, or something similar to that, if the property I own is free and clear; and is occupied by tenants.
Easy Home Equity Loan
Home Equity Loan Information
Smiling Says:
If you own your house free and clear, you would be eligible for an equity line of credit as long as you can provide proof of ability to repay the loan.
Depending on how much the property is worth and how much you are requesting it might be something that can be handled almost 100% over the phone.
Judy Says:
You can’t make an equity loan if there is no current mortgage.
You will have to finance the home and pay those darn closing costs all over again – which as you know can run into the thousands.
Not to mention – take time…
Go to the bank….
I bet you that you could get some sort of personal loan for what you need.
The interest rate will be high – around 11% through a credit union.
But it sounds like you just need a short term loan.
Also, did you know you can make a loan against your 401K?
If you are a professional – you might not have to go through that nasty process of proving hardship.
/
Iffy Says:
Sorry but I took out a Home equity loan on my mortgage free house. The lender also looks at your ability to repay and your credit history
cammi lopaz Says:
I was in a very similar circumstance not long ago. I found assistance here – http://www.loantools.tk