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Equity Out

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Icon Mini Profile conniemaxwell





Joined: 09 Sep 2009

Posts: 1

1.00 Dollars($)
Post Posted: Wed Sep 09, 2009 6:19 am    Post subject: Equity Out
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We own a small lake property at Table Rock Lake, Mo. We have 3 lots with a manufactured home and large outbuilding on it, we just had it appraised and came back at $67,500, we owe nothing on it and would like to pull some quity out to pay off other debt, is that possible?
Icon Mini Profile sunnyca2009





Joined: 04 Aug 2009

Posts: 1731

35.55 Dollars($)
Post Posted: Wed Sep 09, 2009 9:39 am    Post subject:
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If you have equity, then it should not be difficult to get a equity loan
Connie Maxwell

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Post Posted: Wed Sep 09, 2009 9:41 am    Post subject: Eqyity
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So how do I go about it?
Icon Mini Profile sunnyca2009





Joined: 04 Aug 2009

Posts: 1731

35.55 Dollars($)
Post Posted: Wed Sep 09, 2009 11:35 am    Post subject:
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Call yoru current lender and see if you can take out a equity loan
Icon Mini Profile smithsussane
smith.sussane




Joined: 18 Sep 2008

Posts: 10030
Location: Alaska
919.49 Dollars($)
Post Posted: Wed Sep 09, 2009 9:06 pm    Post subject:
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Hi conniemaxwell!

Welcome to forums!

As the property is free and clear, you can go for any conventional loan for the property. Getting a loan will depend upon your credit score and income. What type of a credit score do you have? In order to get a conventional loan, you would require a credit score of 720-740.

If you satisfy this criteria, then you can start shopping for your mortgage. Speak to your local lenders and check out the terms and conditions of the loan. You can also speak to the lenders of this community and seek a no obligation free mortgage quote from them. This will let you know the rates and terms prevailing in the market.

Feel free to ask if you've further queries.

Sussane
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