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Can I get a collateral loan against my vacant lot?

I have a 590 FICO. The lot is 1.78 acres in Harris County, Texas. I have a recent appraisal for $124,000, and only owe $28,500 against it.

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Emailbox,

You mean it's a [url=http://www.mortgagefit.com/second-mortgage.html]second mortgage[/url] that you are interested in? Or is it a [url=http://www.mortgagefit.com/refinance.html]refinance[/url] loan?

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larry2's picture
larry2 | Joined: June 27, 2007 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Emailbox,

Welcome to the forum.

I think as you have good amount of equity you can think about cash out refinance. I will help you to get extra cash from your home equity. Only check out whether you can get it with lower interest rate.

Feel free to ask if you have any further questions.

Best of luck,
Larry

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I own the lot next to my home in West Cave Estates. The lot is worth at least $50K and has been paid in full. I would like to borrow 15 to 20K against the land... who would I approach for that type of loan

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Scott Dayton!

Welcome to forums!

You want to take a land loan and for that you need to contact the lenders in your area offering land loans. I don't think you will face much problem in getting a land loan. But there are chances, that the lenders may charge high rates of interest. Well, I shall suggest that you have a talk with the lenders of this community and seek a no-obligation free loan consultation with the lenders here. I hope they'll be able to help you out.

Feel free to ask if you have further queries.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hello
I own a lot that is valued around 23K. I wish to borrow against it. It is free and clear. Just want some information.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

monica, borrowing against vacant land is extremely difficult to do. lenders are not typically enthused about land as collateral. that's not to say you cannot, but i'd opine that your rate will not be especially favorable.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hello
I own a lot with a house that is valued around 375000K. I wish to borrow against it. It is free and clear.

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

Hi Richard,

Since the lot is not vacant and there's a home on it, you can get a loan using it as collateral. You can contact lenders and see if they are willing to offer you a loan. Since the home has a free and clear title, you can also get a [url=http://www.mortgagefit.com/home-equity.html]home equity loan[/url] using the equity in your property. However, you need to have good income and credit in order to qualify for a loan.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I own 13 acres which was appraised at 10,000.00 a acre 5 years ago. Total value of 130,000 dollars. Now would be somewhere in the neighborhood of 150,000 now. Im wanting to purchase more land,about 70 acres more which is going for 230,000 at this moment. how hard would it be to use my property i own now as collateral to purchase the land mentioned, or whats do you suggest me to do or how to acquire this land?

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

You can always use the land that you own as a collateral in order to get money to buy new land. If you meet the required criteria of the lender, you would be able to get a mortgage on the said property to buy new land.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I own 220 acres of land iwant aloan on this land what / how /where too get

such aloan

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

how do I proceed w/getting aloan on land that i own

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i own over 20 acers in florida my credit score is 540 i went to a bank to get a loan on it and got denied where would i find someone to loan me $28,500 its valued at $30,00

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi charles,

With a credit score of 540, you won't be able to qualify for a loan. You should have a credit score of around 600 in order to qualify for a FHA loan. If you want a conventional home, then you should have a score of 700-720. Unless you have the required credit score, you won't [url=http://www.mortgagefit.com/Mortgage-Basics/do-i-qualify-for-a-mortgage.h... for a mortgage[/url].

Thanks.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have a vacant lot with 20k worth of equity. Can I take any equity out of this property loan?

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest!

Welcome to forums!

You will be able to get a second loan or a home equity mortgage depending upon the amount of equity that you have in your property.

Feel free to ask if you've further queries.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My husband and I purchased 5 acres of land (bank foreclosured) in May 2011 for $59,000 (bank listed property at $58,900 we offered over list price). There are 2 other 5 acre lots in the subdivision right now for sale for $68,000 each (also bank owned). The property I purchased sold in 2006 for $240,000. The land is in a highly desirable area with surrounding properties on 5-10 acre plots and currently assessed between $400,000-$1 million. The property is located off a paved road and has complete access. It is within 5 minutes of all shopping and a brand new school. Needless to say, we got a great deal, but since Florida's housing market is down, nobody is buying lad right now. Since we purchased the property, my husband is having surgery and being sent through Voc Rehab to retrain him in another job field. The VA is sending him to law school in another city so we need to purchase a house in another town. We own our property outright and have considered taking a loan out against it to purchase a mobile home and land or a small house to use while my husband is in law school for 3 years. We both have excellent credit (780-800 depending on the company used) with nothing negative on either of our credit histories. We own everything we have (including vehicles) and we pay our credit card in full each month. While my husband is in law school, we will have a monthly income of approx $2500 a month. What is the liklihood we could get a equity loan on our 5 acres to purchase another property outright? Any tips to use to get a loan? We already have a small bank that has agreed to give the loan, but they only want to loan $30K which wouldn't purchase another property outright which would render the equity loan useless since we are only looking to take on 1 loan, not 2.

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi JS,

As you own the property outright, I don't think you will face any problems in getting a mortgage on that property. You can contact the local lenders and apply for a mortgage. This community has a large number of lenders. You can seek a no obligation free mortgage quote from them and check out if you will be able to get a mortgage.

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