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Guest

Hello I am looking to get a loan to pay of some debts (credit cards & a few other bills) and do some minor repairs on my 1983 mobile home.I am looking to borrow abt 10,000.00 to 15,000.00$. I paid off my property in 2000. Need to know what all there is to getting a loan on my land, as I understand older mobile homes are basically worthless! My credit was ok over 700's abt a month ago. So will I have to have insurance on the property etc. for the loan. I paid through by owner on my mortgage so I have never had a major loan with a financial institute. Any advise will be so greatly appreciated.

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi Guest.

Welcome to the forum.

I think you should get approve for the loan as your credit score is good. You don't have any mortgage on your mobile home right? Have you co0nsulted with any lender on this? If not then shop for lenders. You can even seek for No-obligation free consultation from the community professionals to know what kind of loan will be better for you and whether you will get approved for a loan or not.

Hope this helps. Feel free to ask if you have any further questions.

Best of luck,
Larry

jbarto65 · Joined: 04 Nov 2007 Posts: 622 -0.15 Dollars($)

You should have no problem with a score of 700, you can do as Larry suggests or you can go to your local banking institution and try to get a loan there, if need be you could use your land as collateral. I am not sure if you will have to have insurance on the land or not to get a loan, I know you must have it on a structure. But this is all something that the financial institution that you take the loan out from could advise you on. Goodluck and if you have any other questions feel free to stop back and ask. Very Happy

jasonpolito · Posted: Wed Jul 16, 2008 6:30 am Post subject:

The best thing I would do is find a smaller bank in your area and see what kind of rate they can come up with for you. 700 is more than sufficient.

andylewis1980 · Joined: 25 Jul 2008 Posts: 5 3.88 Dollars($)

If you are having a series of bad credit payday loans ("http://www.easycashadvancepaydayloans.com/" ) bad credit problems like arrears, defaults etc against your name, it is not of major concern as lenders approve the amount without any credit check. In fact by repaying the borrowed amount, you get a chance to improve the credit score.

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[LInk deactivated as per forum rules. Thanks.]

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