applying for a residential loan using your property/home as

jrrlynnfinkley · Joined: 23 Apr 2008 Posts: 1 1.00 Dollars($)

we dont want a mortage.we dont owe anything on our home.we are building it ourselves.the only payment we are making is yearly property taxes.the land was given to us by our family.we are looking to obtain a loan to pay off our existing personal debts(approximately$20,000) .The current value of our home is assessed/appraised at $134,500.

adonis · Posted: Wed Apr 23, 2008 9:38 pm Post subject:

Welcome jrrlynnfinkley,

If you are taking out a residential loan with your home as collateral, it is similar to getting a mortgage. Since you wish to get a loan to build home, what you need is a construction loan with your home as the security.

Have you decide upon the type of loan you'd like to take? if you are yet to choose from the variety of options available, I'll suggest you seek a free consultation with the lenders in this community. They'll help you to select the right loan that will suit your needs.

gmakerley · Posted: Thu Apr 24, 2008 6:06 am Post subject:

there are lenders out there who will grant you the loan you are seeking without collateral - in other words, the only security they would get is your signatures.

any time you offer a home as collateral, you are taking a mortgage loan. it is not a hideous thing to have, but if you're only seeking $20K, you might just be able to get that personal loan at a reasonable interest rate.
shop around.

All times are GMT - 7 Hours

Page 1 of 1