Posted on: 09th Jun, 2009 01:28 am
I have a old house 517 sq, I want to build or buy a new house,keeping this house as a security, can you pl guide me
Hi heric_leslie,
You can use the old house as a collateral to get a loan so that you can buy or build a new home. Is that old property free and clear? If you already have a mortgage on that property, then you won't be able to use it again as a collateral.
Also, getting a loan will depend upon your credit score and income. If you do not have a credit score of 700-720, it would be difficult for you to get a conventional loan.
If you satisfy these criteria, then you can start speaking to the lenders to get an idea about the type of rates and terms you would be receiving from them. You can also speak to the lenders of this community and seek a no obligation free mortgage consultation. This will let you know whether or not you would qualify for a loan.
Take Care.
You can use the old house as a collateral to get a loan so that you can buy or build a new home. Is that old property free and clear? If you already have a mortgage on that property, then you won't be able to use it again as a collateral.
Also, getting a loan will depend upon your credit score and income. If you do not have a credit score of 700-720, it would be difficult for you to get a conventional loan.
If you satisfy these criteria, then you can start speaking to the lenders to get an idea about the type of rates and terms you would be receiving from them. You can also speak to the lenders of this community and seek a no obligation free mortgage consultation. This will let you know whether or not you would qualify for a loan.
Take Care.
apply for Collateral Mortgage