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Loan on land

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Icon Mini Profile hd192_control24





Joined: 19 Apr 2010

Posts: 1

1.00 Dollars($)
Post Posted: Thu Apr 29, 2010 9:19 pm    Post subject: Loan on land
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How can I get a loan on land that I inherited? There is no loan balance it's paid for free & clear. And I would like to get a loan using it as collatoral.
Icon Mini Profile adonis
adonis




Joined: 22 Oct 2005



Posts: 10569
Location: ALASKA
1090.22 Dollars($)
Post Posted: Thu Apr 29, 2010 9:42 pm    Post subject:
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Hi hd,

If the property is in your name, then you'll be able to get a loan on the land that you've inherited. You will have to contact the local lenders of your area and get pre-approved for a mortgage. Depending upon your financial situation, your income, etc. you would be able to get a mortgage.

You can even contact the lenders of this community and seek a no obligation free mortgage consultation from them. This will help you in knowing whether or not you would be able to get a mortgage.

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