Posted on: 26th Mar, 2009 10:19 am
My husband and I are trying to get $30,000 to consolidate our debt and lower our monthly payments. My home is not paid off and could use some repair work. It is also 10 years old.
Is your mobile home attached? Meaning, was it made real property?
Mobile homes are always a sticky topic to begin with. But, if you got your certificate of attachment filed in your county clerk - official public records and you pay taxes on your home through your county tax accessor, then more than likely you mobil home is attached and considered real property.
If real property: Maybe if the value of your home has enough equity in order to borrower what you are needing. Then it would be considered a home equity loan.
If not it is considered personal property, then no. Unless you your credit is great and you want to get an unsecured loan or a secured loan putting up personal property as collateral. Then you need to talk to your bank and it would not be considered a 2nd mortgage. It would be considered a personal loan.
I hope this helps =)
TaWana S.
[Link deleted as per forum rules. Thanks.]
Mobile homes are always a sticky topic to begin with. But, if you got your certificate of attachment filed in your county clerk - official public records and you pay taxes on your home through your county tax accessor, then more than likely you mobil home is attached and considered real property.
If real property: Maybe if the value of your home has enough equity in order to borrower what you are needing. Then it would be considered a home equity loan.
If not it is considered personal property, then no. Unless you your credit is great and you want to get an unsecured loan or a secured loan putting up personal property as collateral. Then you need to talk to your bank and it would not be considered a 2nd mortgage. It would be considered a personal loan.
I hope this helps =)
TaWana S.
[Link deleted as per forum rules. Thanks.]
Hi k4kiki,
I agree with Tawana. The lender would check your credit score and income in order to approve a second loan. Moreover, there should be some equity in the property when you apply for the second loan. I would suggest you to speak to some of the lenders and check out what type of rates and terms you can expect. You can also speak to the lenders of this community and seek a no obligation free mortgage consultation. This will let you know about the rates you can get.
I agree with Tawana. The lender would check your credit score and income in order to approve a second loan. Moreover, there should be some equity in the property when you apply for the second loan. I would suggest you to speak to some of the lenders and check out what type of rates and terms you can expect. You can also speak to the lenders of this community and seek a no obligation free mortgage consultation. This will let you know about the rates you can get.