Posted on: 30th Oct, 2010 09:44 am
Hi,
I own a house free and clear in Las Vegas built in 03. Its worth about 110,000$. I would like to get about 80k out of it.
What are my options?
I own a house free and clear in Las Vegas built in 03. Its worth about 110,000$. I would like to get about 80k out of it.
What are my options?
You can take out a mortgage of the said amount. You should contact your lender and apply for a mortgage using your property as a collateral. If you have a good credit score and stable income, you'll be able to qualify for a home loan. This community has a large number of lenders. You can seek a no obligation free mortgage quote from them and check out what type of rates and terms you'll receive.
I spoke with some lenders. What they said was that the loan amount was not even enough to cover their fees and that a 75,000 mortgage would actually lose them money and that I should go see my local bank and MAYBE they would do it as a favor. Do you know if this is simply BS or it's true?
Hi Julien,
Most lenders do not prefer to offer a loan for a smaller amount. You can contact lenders offering personal property loans and check out if they can help you in this matter.
Thanks,
Jerry
Most lenders do not prefer to offer a loan for a smaller amount. You can contact lenders offering personal property loans and check out if they can help you in this matter.
Thanks,
Jerry