What is a home equity loan?
Tags: Home Equity Loan, mobile home
This entry was posted
on Saturday, June 20th, 2009 at 5:46 am and is filed under Home Equity Loan.
You can follow any responses to this entry through the RSS 2.0 feed.
You can leave a response, or trackback from your own site.
A home equity loan is a loan for the amount of equity in your primary residence. Equity is the difference in value between what you owe and what the home is worth.
So if you bought your mobile home outright 3 years ago for 25K and it appraises for 10K now, you have 10K in equity.
I've talked to a few banks, and most around here won't do loans secured by mobile homes, but they might secure the loan against your acreage.
Maybe.
What is the home and land worth and home much do you owe on it.
Second Mortgage. Not likely. Check a local Credit Union.
Good question, you should check with your local lenders to see if they have any programs to help you. I would think the land itself would have equity value. I'm not sure a mobile home does.
A home equity loan is a loan taken out from the equity of your home. A equity in your home is diferrence between the market value of your home and what you owe on the home. So if you owe 50,000 and the market value of your home is 80,000 you have a 30,000 equity in your home.
I think you can take a home equity loan on a mobile home especially if you own the land. Talk with several banks and see what your option are: closing costs, rate, points etc.