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Land Loan on Paid Off Property

Hi, I have a mobile home on 5 acres that is paid off.... no mortgage. What kind of loan would I be looking for to get a home equity or 2nd mortgage on this property that is already paid off?

JKennedySLG's picture
JKennedySLG | Joined: April 1, 2009 08:07 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Unless a local lender is willing to lend on the land, you will be looking at a private lender rates and fees. With that said, you're facing 12-16% rates and 3-5 points in fees. I hope this helps...

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:41 | Post subject:

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