Posted on: 28th Sep, 2009 06:35 pm
i need a loan, i own 22.acres of land which is dozed level, has grass,trees and home ready if i sell it. can i get a secure loan?
I would think your chances of getting a secured loan should be quite good - depending on the size of the loan you want.
A lender will always look at the value of the security you are offering against the amount you are looking to borrow. If you can provide a satisfactory valuation for the land you are planning on using as collateral then you should be fine.
as part of the process though your credit history will be examined - do you have anything nasty hiding there?
you will also need to be able to prove your ability to service the loan repayments, so your income will be a relevant factor.
A lender will always look at the value of the security you are offering against the amount you are looking to borrow. If you can provide a satisfactory valuation for the land you are planning on using as collateral then you should be fine.
as part of the process though your credit history will be examined - do you have anything nasty hiding there?
you will also need to be able to prove your ability to service the loan repayments, so your income will be a relevant factor.
Hi tonya!
Welcome to forums!
You can apply for a land loan. If you have the required credit score and stable income, you would definitely get a loan. Did you speak to the lenders of your area in order to get a loan? I would suggest you to have a word with them and check out the rates and terms they would offer you. This would give you an idea whether or not you would be able to afford the loan.
You may even seek a no obligation free mortgage consultation from the lenders of this community. This would help you know whether or not you would qualify for a loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You can apply for a land loan. If you have the required credit score and stable income, you would definitely get a loan. Did you speak to the lenders of your area in order to get a loan? I would suggest you to have a word with them and check out the rates and terms they would offer you. This would give you an idea whether or not you would be able to afford the loan.
You may even seek a no obligation free mortgage consultation from the lenders of this community. This would help you know whether or not you would qualify for a loan.
Feel free to ask if you've further queries.
Sussane