Can I get a collateral loan against my vacant lot?

emailbox · Joined: 26 Apr 2008 Posts: 2 1.55 Dollars($)

I have a 590 FICO. The lot is 1.78 acres in Harris County, Texas. I have a recent appraisal for $124,000, and only owe $28,500 against it.

jameshogg · Posted: Sun Apr 27, 2008 9:11 pm Post subject: RE:

Hi Emailbox,

You mean it's a second mortgage that you are interested in? Or is it a refinance loan?

larry · Joined: 27 Jun 2007 Posts: 2598 349.41 Dollars($)

Hi Emailbox,

Welcome to the forum.

I think as you have good amount of equity you can think about cash out refinance. I will help you to get extra cash from your home equity. Only check out whether you can get it with lower interest rate.

Feel free to ask if you have any further questions.

Best of luck,
Larry

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