Posted on: 12th Jun, 2009 10:33 pm
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?
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...