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Can I use land as collateral for a loan?

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Icon Mini Profile carlosyeargin





Joined: 09 Feb 2011

Posts: 1

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Post Posted: Wed Feb 09, 2011 6:18 pm    Post subject: Can I use land as collateral for a loan?
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I own a lot in a community and it has a clear title? My credit is fair, and I need money to make improvements so that I can get an mortgage in the near future.
Icon Mini Profile adonis
adonis




Joined: 22 Oct 2005



Posts: 10571
Location: ALASKA
1090.37 Dollars($)
Post Posted: Wed Feb 09, 2011 7:52 pm    Post subject:
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Welcome carlosyeargin,

You can use the land as a collateral in order to secure a mortgage. You should contact the local lenders offering land loans and check out whether or not you qualify for it.

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