Posted on: 29th Jun, 2008 03:53 am
I own 40 acres free and clear it's paid for and I'm wanting to use 40 acres as collateral for a personal loan.
If you are talking a personal loan, you don't need to keep your land as the collateral.
If at all, you consider your land as collateral, then you will have to take a mortgage or land loan. Refer to http://www.mortgagefit.com/homeloan/land-collateral.html for more.
If at all, you consider your land as collateral, then you will have to take a mortgage or land loan. Refer to http://www.mortgagefit.com/homeloan/land-collateral.html for more.
You may get a better rate using the land as collateral, have you investigated all your options? You could get a personal loan through a local bank, have you tried this? That is what I would do first.
What kind of loan are you looking to obtain...just a personal? I dont think the land will necessarily help you.
If I were you I would apply first and then see if they need collateral, if they do then you can bring up the land that you have.