Posted on: 29th Jan, 2014 12:30 am
What kind of loans will I be able to take out for a property which have been paid off? I have good credit.
Hi Verra,
If the property is free and clear, then you can qualify for any of the loans. You can take out a fixed mortgage or an adjustable mortgage, whichever, suits you. However, you will have to meet the rules and guidelines of the lender.
Take care
If the property is free and clear, then you can qualify for any of the loans. You can take out a fixed mortgage or an adjustable mortgage, whichever, suits you. However, you will have to meet the rules and guidelines of the lender.
Take care
Hi Verra!
Welcome to the forums!
In order to get a conventional mortgage on your property, you need to have a credit score of 720 or more. Apart from this, you should also be able to provide the lender with 20% down payment.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
In order to get a conventional mortgage on your property, you need to have a credit score of 720 or more. Apart from this, you should also be able to provide the lender with 20% down payment.
Feel free to ask if you've further queries.
Sussane
If the property has been paid off, then you will be eligible for any kind of loan. Since you are having good credit score, you will be able to qualify for a conventional loan. Make sure you have the down payment amount with you. Besides this, you also fulfill the criteria of the lender so as to qualify for a loan.
You can get a refinance and take out cash against the value of the loan - contact a loan agent to discuss the details - as long as you have ok credit and income to pay back the loan you should have some options -
Good luck
Brian Barnes
ENG lending
Nationwide Lender
Good luck
Brian Barnes
ENG lending
Nationwide Lender
