Posted on: 09th Dec, 2012 02:24 am
I was wondering if I have land with a house valued at 120k and I want to build another house what amount would I receive on the mortgage loan? Keep in mind I have a credit score in the low 700s.
Hi panthers,
If the land and the house is free and clear and if you want to use both of them as a collateral, then you will get a loan depending upon the value of those two properties.
Thanks
If the land and the house is free and clear and if you want to use both of them as a collateral, then you will get a loan depending upon the value of those two properties.
Thanks
Your credit score is fine. If there is no lien on the land and the house that you own, then you can use that as collateral for obtaining another loan.
You have high chance to get approved for a loan. You need to talk with lenders.