Posted on: 29th Jul, 2010 03:31 pm
we live in florida and own 5 acres with a 2002 doublewide mobile home. we bought the acreage and mobile home with cash. now the economy has got us in a bind, we were wondering if it would be possible to take out a home equity loan on the land and mobile home to pay off some our debt and have a more manageable payment? where would i start looking? i have asked our bank and they said they do not make loans on mobile homes.
Hi jmcgrew,
As the property is free and clear, you would be able to get a mortgage on it and use the loan proceeds to pay off your debts. I would suggest you to contact some of the other lenders based in your locality and check out if you can get a mortgage on your mobile home. You can even speak to the lenders of this community and seek a no obligation free mortgage quote. This will help you know what type of rates and terms you may expect to get when you apply for a loan.
Thanks
As the property is free and clear, you would be able to get a mortgage on it and use the loan proceeds to pay off your debts. I would suggest you to contact some of the other lenders based in your locality and check out if you can get a mortgage on your mobile home. You can even speak to the lenders of this community and seek a no obligation free mortgage quote. This will help you know what type of rates and terms you may expect to get when you apply for a loan.
Thanks