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Can we get a home equity loan on mobile home and 5 acres?

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jmcgrew58 Joined: 29 Jul 2010 Posts: 1 1.00 Dollars($)	Posted: Thu Jul 29, 2010 3:31 pm    Post subject: Can we get a home equity loan on mobile home and 5 acres? Like 0 Dislike 0 We live in Florida and own 5 acres with a 2002 doublewide mobile home. We bought the acreage and mobile home with cash. Now the economy has got us in a bind, we were wondering if it would be possible to take out a home equity loan on the land and mobile home to pay off some our debt and have a more manageable payment? Where would I start looking? I have asked our bank and they said they do not make loans on mobile homes.
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Thu Jul 29, 2010 10:55 pm    Post subject: Like 0 Dislike 0 Hi jmcgrew, As the property is free and clear, you would be able to get a mortgage on it and use the loan proceeds to pay off your debts. I would suggest you to contact some of the other lenders based in your locality and check out if you can get a mortgage on your mobile home. You can even speak to the lenders of this community and seek a no obligation free mortgage quote. This will help you know what type of rates and terms you may expect to get when you apply for a loan. Thanks

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