Equity Line against our Land

ireneege1 · Joined: 18 May 2009 Posts: 1 1.00 Dollars($)

We wanted to take out an equity line against our land which we bought cash to make the downpayment. The value of the land is approximately $175,000 can anyone reccommend a broker or mortgage person in Florida? Or how we might go about doing this?

jameshogg · Posted: Mon May 18, 2009 7:42 pm Post subject:

Hi ireneege,

You have mentioned that you have made cash payments for the land. In that case, your land is free and clear. Rather than taking a equity line, you can take a land loan directly. You can speak to few of your local lenders. This will give you an idea about the rates and terms of the land loan available in the market and let you know whether you would be able to afford the loan or not.

You can also speak to the lenders of this community and seek a no obligation free mortgage consultation. This consultation will help you know whether you qualify for a loan or not.

Thanks

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