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Hi, my husband and I own free and clear 6.5 vacant acres in N.M that has a current appraisal of $200,000. We would like to borrow under $20,000 against that land, but I don't know which type of loan to look for, or ask for, or apply for.... I don't know where to start.

jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi dakota,

If you want to borrow money against your land, you need to look for a lender who offers land loans. This type of loan is not easy to find in this economy. Most of the lenders have stopped offering loans against land properties. Those who still offer would charge you higher interest rate. But there could still be certain lenders who process land loans. You can contact some of the local lenders and check if they still offer such loans. You may also seek a no-obligation free mortgage consultation with the lenders in this community. They will check your credit scores and assess various other factors and will let you know if getting a land loan is possible for you.

Like | Dislike | Share | Posted: Tue, 08/25/2009 - 22:40 | Post subject:

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