Pat
New Poster
Cash: $ 0.50
Posts: 2
Joined: 19 Sep 2008
Location: Calif.
|
| Equity loan |
 |
|
If I own my mobile home free and clear of a mortage can I take out an equity line of credit or loan to consolidate my other bills?
 Is this a good idea?
|
Fri Sep 19, 2008 5:49 pm |
|
|
jack2009
New Member
Cash: $ 0.60
Posts: 3
Joined: 02 May 2009
|
Real estate is a legal term (in some jurisdictions, notably in the USA, United Kingdom, Canada, and Australia) that encompasses land along with anything permanently affixed to the land, such as buildings, specifically property that is fixed in location.[1] Real estate law is the body of regulations and legal codes which pertain to such matters under a particular jurisdiction. Real estate is often considered synonymous with real property (also sometimes called realty), in contrast with personal property (also sometimes called chattel or personalty under chattel law or personal property law).
However, in some situations the term "real estate" refers to the land and fixtures together, as distinguished from "real property," referring to ownership rights of the land itself.[clarification needed]
The terms real estate and real property are used primarily in common law, while civil law jurisdictions refer instead to immovable property.
No fake signatures - thanks
|
|
Sat May 02, 2009 6:11 am |
|
|
littleroc02us
Moderator
Cash: $ 384.35
Posts: 1891
Joined: 09 Feb 2009
|
Mobile homes typically lose 75% of their value in 4-8 years. I doubt the bank would put it up as collateral.
|
|
Fri May 08, 2009 1:31 pm |
|
|
Greg Orlando
Full Member
Cash: $ 12.50
Posts: 60
Joined: 07 May 2009
|
Buying a mobile home with credit will not be a god idea I think. Credit will not provide you any competitive advantage you should rather go for direct finance.
|
|
Wed May 13, 2009 5:54 pm |
|
|
urvi88
Contributing Member
Cash: $ 8.40
Posts: 41
Joined: 12 Jun 2009
|
This is not a good idea, according to me you cannot find person providing such loan.
|
|
Mon Jun 15, 2009 11:13 am |
|
|
Greg Orlando
Full Member
Cash: $ 12.50
Posts: 60
Joined: 07 May 2009
|
quote:
Originally posted by littleroc02us
Mobile homes typically lose 75% of their value in 4-8 years. I doubt the bank would put it up as collateral.
I agree with you. Taking loan for such thing will not be a good idea for you cause after 4 to 5 years time you might not have any salvage value of it.
|
|
Tue Jun 16, 2009 11:06 am |
|
|
jenikabourne
New Member
Cash: $ 0.80
Posts: 4
Joined: 01 Nov 2010
|
An equity loan is a mortgage loan in which the borrower receives cash. Typically the loan is secured by real estate already owned outright.Owning a home can provide many financial benefits for the property owner. After payments have been made for several years, one benefit is the ability to obtain needed cash in the form of a fixed equity loan.
|
|
Mon Nov 01, 2010 12:33 pm |
|
|
alinasmith001
New Member
Cash: $ 1.20
Posts: 5
Joined: 10 Nov 2010
|
Housing loans to capital has exploded in popularity in 1996, providing a way for consumers to avoid a tax on some changes this year, which eliminated deductions for interest on most consumer purchases. With a home equity loan, homeowners can borrow up to $ 100 000 and still deduct all interest when they file their tax loan guarantees returns.Home provide an easy source of cash. The interest rate on the loan to equity - much higher than a first mortgage - is much lower than credit cards and other consumer loans.
|
|
Wed Nov 10, 2010 9:20 am |
|
|
zaynahblaze
New Member
Cash: $ 0.80
Posts: 4
Joined: 11 Nov 2010
|
Loans generally secured by real estate already owned outright.Owning many financial assets can provide benefits to the owner's home. After several years has been paid, a benefit for a fixed equity loan to get cash as needed capability.
|
|
Thu Nov 11, 2010 9:40 am |
|
|
cdloanmod
New Member
Cash: $ 1.20
Posts: 6
Joined: 04 Jan 2011
Location: 207 West Clarendon, Suite #7 Phoenix, AZ 85013
|
According to me this is not good. But still there are many ideas so think about some other idea. 
|
|
Wed Feb 02, 2011 9:37 am |
|
|
laura.alamery
Contributing Member
Cash: $ 7.50
Posts: 35
Joined: 22 Oct 2010
Location: St Louis, MO
|
There are banks that will loan on mobile homes with equity lines of credit, but it would probably be easier to just take out a new mortgage alltogether with cash out, if you own the home free and clear. It would be easier that way.
A Google search will provide a list of active players in these type of loans.
|
|
Mon Feb 07, 2011 11:59 pm |
|
|
savana
Full Member
Cash: $ 19.20
Posts: 92
Joined: 19 Aug 2010
|
quote:
Originally posted by Greg Orlando
Buying a mobile home with credit will not be a god idea I think. Credit will not provide you any competitive advantage you should rather go for direct finance.
I would like to know what can be the advantages of Direct finance and how it will be beneficial for buying mobile homes.
|
|
Thu Feb 24, 2011 11:53 am |
|
|
sirmikey1
Full Member
Cash: $ 13.60
Posts: 67
Joined: 16 Mar 2009
Location: USA
|
A lot of people do this with rental properties:
Take all the equity out and then sell them off.
Better on taxes.
|
|
Sun Mar 20, 2011 1:48 pm |
|
|
savana
Full Member
Cash: $ 19.20
Posts: 92
Joined: 19 Aug 2010
|
I am little confused with the equity loan and would like to see till what extent it will be helpful and beneficial. Also, I am looking for resources where I can apply for the equity loan.
|
|
Wed Mar 23, 2011 8:20 am |
|
|
|
