Compare Mortgage Quotes

Refinance Rates for Today

Please enable JavaScript for the best experience.

In the mean time, check out our refinance rates!

CompanyLoan TypeAPREst. Pmt.

Can I use land as collateral for a loan?

I inherited a piece of land from my parents. The land is an empty lot in a sub-division. I own the land free and clear. I would like to use the land as collateral for a loan. How can I do this and wqho can I contact?

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hello fablegerm,

Yes you can use land as collateral for a loan. There are many mortgage companies/banks that can pull cash out using a lot loan, home equity line of credit (HELOC) or other specialty loans. What state is the property located in would be my first question and how much are you looking to pull out compared to the value of the land?

Brock Gratton
themortgageskinny.com

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:03 | Post subject:

fablegerm's picture
fablegerm | Joined: January 2, 2007 05:43 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Well, the land is located in TX. It was appraised at 12,070, and I am looking to borrow 5,000.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:03 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Fable,

Yes, you can use land as collateral for a loan. As you have the ownership of the land free of any liens there will not be much problem getting a loan.

But you will have to contact few lenders before selecting any particular lender and compare the rates they are offering.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:03 | Post subject:

Jessica's picture
Jessica | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Fable and Brock,

Welcome to our community. :)

Thanks for sharing your knowledge Brock. I have also gone through your site and it seems interesting.

Hope you enjoy visiting the community forums.

Regards,

Jessica

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:03 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome Fable.

You can use the land as collateral if you are interested to take a mortgage loan. You need to contact lenders and shop for a suitable loan that will suit your budget.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:03 | Post subject:

Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Fable,

You may contact any of the lenders in our Community. They provide various loan programs which require the land as collateral. Just Request for Free Consultation and provide the minimum details.

We shall forward your request to our community lenders and they shall contact you if their profile matches with your requirements.

Do let us know if you have further queries.

Thanks,

Caron.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:03 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have 6 ac. of land in tx. What is needed, besides the deed, to get a loan fast?

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:03 | Post subject:

larry2's picture
larry2 | Joined: June 27, 2007 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi shasta,

Are you willing to use a vacant land as collateral to get the loan?

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:03 | Post subject:

Jessica's picture
Jessica | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Well as far as I understand, the land should be free of liens. Or else lenders won't agree to provide a loan on it. You need to have proofs of your income (pay stubs for the past 2 months) and a copy of your credit report so that the lender can check them before you get pre-qualified. Tax returns for the past 2 years should be there to show that you have been a responsible tax payer.

You should have documents to prove your assets (original bank statements, listing of saving bonds etc) and source of down payment, if any.

Regards,

Jessica.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:03 | Post subject:

cliff3's picture
cliff3 | Joined: May 5, 2008 02:15 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Jessica pretty much laid it out for you Shasta. All I would ad is to visit a mortgage bank. The reason being they can typically do a loan faster that a loan officer or broker because they underwrite (e.g. they use thier own money) the loans themselves. Another quick route which I do not recommend unless you are desperate is a hard money loan. They do not check your credit at all they just varify the value of the land and typcially will lend 70% of the value.

Hope this helps and welcome this seems to be a great community! :D

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:03 | Post subject:

larry2's picture
larry2 | Joined: June 27, 2007 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Cliff,

Welcome to the forum.

I have seen some of your posts and it seems you are knowledgeable and have experience in this industry. Why do not you introduce yourself and let the community know about yourself at http://www.mortgagefit.com/introduce-yourself.html

Hope you will enjoy participating and helping people in this forum.

Best of luck,
Larry

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:03 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

NEED 10000 TO MAKE EXTRA IMPROVEMENT TO MY HOME FOR, TO START MMRD PROGRAM

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:03 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have 3 acres of land that I am trying to use as ccollateral for an emergency loan located in Alabama

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:03 | Post subject:

Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome MALCOLM and Wilma.

Whether you can get the loan or not depends on your credit and source of income. So if you have a good credit and income and also enough equity then you can get it with ease. By the way, have you contacted with any lender yet? You can go for no-obligation free mortgage quote from the community lenders. Hope it helps. Let me know if you have any further queries.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:03 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi, I have been reading a few of the postings and see alot of great information. However, we have 75.67 acres of land my husband inherited from his father free and clear. There are no leins on this land. We are wanting to get cash out of the land to consolidate other debts we have. Is this possible and if so, who can we contact? Credit is not perfect, but it is not poor either...All help is greatly apprecated.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:03 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Sorry, forgot to mention that the land is in Texas.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:03 | Post subject:

jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Hannah,

Getting loan against raw land is possible. But it is difficult to get in this market. There are not many lenders who offer land loans these days. Moreover, you have to have a very good credit score to qualify for this type of loans. What is your credit score?

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:03 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have 1.5 aceres with H20,Ele.&septic.. Worth 28,000 I would like to get 10,000. on a loan...

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:03 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I own undeveloped plots in south carolina just outside of charleston and have ran into some financial issues lately. I was wondering what the best way to sell this land asap would be. A loan is an option but I would rather just get rid of it. A similar plot of land was sold recently for around $100,000, however I am willing to accept alot less. Any info would be appreciated.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:03 | Post subject:

savior70's picture
savior70 | Joined: March 25, 2009 05:14 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

To TJ,

You can sell the undeveloped lot if you want to get out of your financial issues. A loan against the lot could also have helped you a lot. But getting a loan against an undeveloped lot will be really difficult in this market. If you want to sell it quickly, you need to list the property on the market. This is how you can reach out to the prospective buyers. You can list the property in the newspaper or you can also hire a real estate broker or an agent to sell the lot quickly.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:03 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

What happens with a loan that is secured by land collateral and the mortagor sells the land and pockets the money?

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:03 | Post subject:

jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Becky,

How will he sell the land without repaying the mortgage. The land is used as security for the loan and the lender holds a lien on the property. If the mortgagor sells the land without informing the lender, the sale will be considered as fraudulent and invalid. Moreover, no buyer would want to purchase a land that has a mortgage lien on it.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:03 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Can I get a loan on 23 acres which is paid for in full. One half is in trees and the other is farmed?

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:03 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome jlcromwell,

You will be able to get a mortgage on a free and clear property if you meet the required criteria of the lender. I would suggest you to contact the local land loan lenders and apply for a loan.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:03 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Mortgage companies that will take land as collateral in north carolina. If possible I need a list

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:03 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi valerie!

Welcome to forums!

Well... I won't be able to provide you with a list of lenders who offer land loans in North Carolina. However, I would suggest you to contact the local lenders and check out whether or not they can help you with a land loan. Alternatively, you can even seek a no obligation free mortgage quote from the lenders of this community regarding getting a loan.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:03 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi, I am inheriting some land in Maine, I have 5-6acres. What do I need to have my family do the bill of sale, do I need it surveyed for the bill of sale and loan? What banks offer the loans? Looking to build asap.

Thanks

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:03 | Post subject:

Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

You need to contact the local lenders in order to qualify for a loan using the land as collateral. If you satisfy the criteria given by the lender, you would be able to get a mortgage.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:03 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am lncredeble the C E O of Guarantee trust loan a Legitimate And a Reputable loan Lender. We are dynamic company with financial assistance. We loan funds out to individuals in need of financial assistance, that have a bad credit or in need of money to pay bills, to invest on business. I want to use this medium to inform you that we render reliable and beneficiary assistance as be glad to offer you a loan. Contact us via mail adders: customercare@gtloan.co.cc
Services Rendered include; [url=http://www.mortgagefit.com/refinance.html]Refinance[/url], Home Improvement, Investment Loan, Auto Loans, Debt Consolidation, Line of Credit, [url=http://www.mortgagefit.com/second-mortgage.html]Second Mortgage[/url], Business Loans, Personal Loans, Car Loan, Auto Loan.
Please write back if interested.

FULL NAME.........
HOME ADDRESS......
TELL NO..............
SEX.................
AGE...........
MARITAL STATUS........
COUNTRY..........
STATE..........
MONTHLY INCOME.........
OCCUPATION.....
DATE OF BIRTH.....
AMOUNT NEEDED AS LOAN.........
PURPOSE OF LOAN........Auto Loa
DURATION OF LOAN......

Get back to me with this information's so that we can precede further okay.
I am waiting to hear from you okay.
Email:lncredebleloanlender@gmail.com

Joshua
Joshua
1 month, 14 day(s) ago
(0)(0)Report

I am Mrlncredebleloanlender@gmail.com by name, I live in Canada,just a

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:03 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have 3 acres in Virginia asseted at $49,500, the deed is free and clear of
any liens. The property has been approved by the county for a three bedroom house. I want to use the property to get a loan. In the state of
Virginia will this be possible?

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:03 | Post subject:

Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

As the property is free and clear, you'll be able to get a mortgage on it. However, you should have a good credit score and income in order to get a mortgage. You should have a credit score of 700-720 to get a loan. Also, you should be able to show 2 years of employment history in order to get a mortgage.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:03 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have 46 acres just outside of Dallas. I owe just over $12000 on the land and it is worth at or around $700,000. I am only looking to borrow $250,000. Is it possible and whom do I turn to?

[size=9:2c8d503366][color=Red:2c8d503366][Email address deleted as per forum rules. Thanks.][/color:2c8d503366][/size:2c8d503366]

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:03 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Fred,

As you have lots of equity in the property, you will be able to get a mortgage on that land provided you meet all the required criteria of the lender. You should contact the local lenders and apply for a loan.

Thanks

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:03 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

what is the difference between a mortgage bank & regular bank? Also, what is hard money loan & who handles them?

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:03 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi merle!

Welcome to forums!

A mortgage bank may offer you only a mortgage loan but regular banks will not only give you a mortgage loan but will offer other services as well. Hard money loans are asset based mortgage financing wherein the interest rates are quite higher than the normal loans. Hard money loans are made by private investors mostly in their local areas.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:03 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi/I live in new york city/I own land in St. Lucia with a deed and want to know if I can get a loan in new york city using me carribbean land as collatoral/Mr. Dalkeith Devaux

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:03 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi dalkeith,

If you have a property in US, then you can use it as a collateral and get a mortgage here. I don't think lenders here will be ready to offer you a mortgage on a property which is located in the Caribbean.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:03 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Need a collatoral loan on land can i get a phone number to an institution who does this.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:03 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome benito linares,

You should contact the local land loan lenders and apply for a loan. As far as I know, all the major financial institutions will provide you with land loans. This community has a large number of lenders. You can seek a no obligation free mortgage quote from them and check out whether or not you can get a loan.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:03 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi I am in desperate need for a house for my family and I have 2 ac. in texas that I can use as collateral but I need to know if it is possible with poor credit and not a long job reference. Would it even be possible to purchase a mobile home? Or would I need to get my credit fixed first??

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:03 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi raosagie!

Welcome to forums!

You won't be able to qualify for any kind of loan if you don't have a good income and an employment history of 2 years. Also, you will have to take steps to improve your credit score. You can check out the given page for the same: http://www.mortgagefit.com/credit-rating/credit-repair.html .

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:03 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My father wants to give/sell a 5 to 10 acre plot of land so I can build house close to he and my mother's house. Can I use the land as collateral/down payment for building loan ? Do I have to have owned it for a certain period of time ? Does the price that he sells it to me(it will be very low) factor in ? Thanks

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:03 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Ely!

Welcome to forums!

Once you become the owner of the land, you will be able to use it as a collateral in order to get a construction loan.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:03 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Thanks for your answer. I am glad your forum is here.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:03 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

You're welcome, Ely K!! :)

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:03 | Post subject:

Page loaded in 2.882 seconds.