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can i get a loan with a title to my 2007 cottage

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tammylynnmonroe11 Joined: 02 May 2011 Posts: 1 1.00 Dollars($)	Posted: Mon May 02, 2011 10:55 am    Post subject: can i get a loan with a title to my 2007 cottage Like 0 Dislike 0 my cottage is a 2007 it's valued at 35,000. I owe it and have the title . trying to get a loan to purchase some land so i can add on to it i'm 100% disable get a ssi check once a month
chrisgummerson Community Expert Joined: 29 Apr 2010 Posts: 704 Location: La Palma, CA 9.98 Dollars($)	Posted: Mon May 02, 2011 11:13 am    Post subject: Like 0 Dislike 0 Sorry, you own the property free and clear? and you wish to take a loan out to purchase some more land? If that is the case, then you can borrower up to a set amount, given the value of the property and your credit and income. If you only get SSI, the loan would be based on your income and ability to repay. Contact a lender in your area to see if you can be pre-approved. Good Luck _________________ Chris Gummerson Bay Valley Mortgage Group bayvalleymortgage.com 714-367-5125
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Mon May 02, 2011 9:06 pm    Post subject: Like 0 Dislike 0 Hi tammylynnmonroe! Welcome to forums! Chris is right. If you own the property free and clear, then you'll be able to get a mortgage on it in order to buy some land. However, you should have a good credit score in order to get a loan. I hope you have a good credit score. This community has a large number of lenders. If you wish, you can seek a no obligation free mortgage quote from them and get to know what type of rates and terms you'll qualify for. Feel free to ask if you've further queries. Sussane

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