Posted on: 29th Jun, 2011 03:41 pm
The house was appraised at $170,000 and I would like to have a line of credit or cash out between $25K and $50K.
Hi emcgary!
Welcome to forums!
You should contact your local lenders and apply for a mortgage using the property as a collateral. This community has a large number of lenders. You can seek a no obligation free mortgage quote from them and check out if they can help you with a loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You should contact your local lenders and apply for a mortgage using the property as a collateral. This community has a large number of lenders. You can seek a no obligation free mortgage quote from them and check out if they can help you with a loan.
Feel free to ask if you've further queries.
Sussane
As long as you've got documentation that verifies your receipt of rental income, a lender will consider it when you seek to borrow. Of course, it must be sufficient to allow you to qualify for whatever loan you seek. Check out the scenario with lenders in the area, and I'm sure you'll find reasonable terms, particularly given that you are seeking only a small percentage of the equity.
