Equity loan for unmortgaged mobile home/land realty

sueryan62 · Joined: 12 Apr 2009 Posts: 2 2.22 Dollars($)

I live in Texas. My mobile home and property are combined real estate. I got a personal loan to buy it. I want to pay off the existing personal loan balance of $15K (at 11%) with an equity loan against the free and clear property. I am told that because I have no mortgage to pay off, I can't borrow against my unmortgaged property in Texas because it is mobile home/real estate. Is that true?

smithsussane · Posted: Sun Apr 12, 2009 8:24 pm Post subject:

Hi sueryan!

Welcome to forums!

As far as I know, lenders should give you a loan if the it's a free and clear property. I would suggest you to speak to few other lenders and check out what they have to say in this regard.

You can also speak to the lenders of this community and seek a no obligation free mortgage consultation from them. This will let you know whether you will be able to get a loan or not. You'll also come to know what type of rates you would be receiving if you get a loan.

Feel free to ask if you have further queries.

Sussane

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