Posted: Tue Jul 21, 2009 1:33 pm Post subject: Mobile home - home equity loan
I was wondering if there is such a thing as home equity loan I could do on my mobile home. It is on my own land and has a market value of $70,000. It is paid in full, & I would like to borrow $35,000 to consolidate credit card debt & do some repairs. I would ideally like a loan of 6 yrs of equal monthly installments. I have a credit score of 710. Does such a loan exist?
You have mentioned that your property is free and clear. With a credit score of 710, you can get a conventional loan. You do not need to apply for a home equity loan. You can speak to the local lenders of your area which would help you in knowing what type of rates and terms you would receive.
Sussane
edward Guest
Posted: Tue Aug 25, 2009 12:17 pm Post subject: loanson mobile homes
i have a 1980 double wide on a rented space in a mobile home park the
ones like mine are selling for 60 to 65 thousand would like to borrow 12000 thousand.
Did you contact the lenders of your area who are offering mobile home loans? You should contact them to know the type of rates and terms prevailing in the market. This will help you in knowing whether or not you would be able to afford the loan. You can even speak to the lenders of this community and seek a no obligation free mortgage quote. This will also give you an idea about the present market rates and terms.
Posted: Thu Oct 08, 2009 9:33 am Post subject: Manf Home Loan
I own a Manf Home, no mortgage. I am trying to help my son with his credit card debt ($50,000) and wells as mine ($17,000) by a loan on my mf. I an retired living on Social Sec & pensions, with a small savings & money market acct elsewhere. My son would pay the payment but he has no collateral but a steady job. I have found that because I do not own the land, I rent, loans are hard for m.f. Do you have any suggestions?
It is true that it would be a bit difficult for you to get a loan for your manufactured home. You can contact some of the lenders and check out if they can help you with a loan. Or else, you can apply for personal property loans. However, these loans come at a higher interest rate.
Thanks
Tony Iaquinto Guest
Posted: Sun Nov 15, 2009 10:56 am Post subject: Personal Loan with Singlewide as collateral.
I am interested in a personal loan and using my 1988 model 14'by70' singlewide and land as collateral. My credit score is close to 625, have steady job with income of $35,000.00 per year. Value of home and land is at least $40,000.00 and I am looking to borrow $10,000.00 Please advise!
Tony V. Iaquinto
Your credit score is okay. But getting a loan using your 1988 mobile home and land will not be easy in this market. Most of the lenders have stopped offering loans against mobile homes. However, since your credit is not so bad, you can go for a personal loan. It is an unsecured loan and does not require any collateral. There are lenders in this community with whom you can seek a no-obligation free mortgage consultation. After assessing your credit and other required factors, they will let you know if you qualify for a loan against your mobile home or a personal loan.
smithsussane
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