Pat
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| Equity loan |
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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?
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Fri Sep 19, 2008 5:49 pm |
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coaster
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I doubt you'll find anyone to do that, except maybe at a very high interest rate. A mobile home is not the greatest collateral. Sorry. 
~Tim~
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Sat Sep 20, 2008 1:53 am |
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jack2009
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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.
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Sat May 02, 2009 6:11 am |
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littleroc02us
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Mobile homes typically lose 75% of their value in 4-8 years. I doubt the bank would put it up as collateral.
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Fri May 08, 2009 1:31 pm |
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Greg Orlando
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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.
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Wed May 13, 2009 5:54 pm |
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urvi88
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This is not a good idea, according to me you cannot find person providing such loan.
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Mon Jun 15, 2009 11:13 am |
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Greg Orlando
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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.
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Tue Jun 16, 2009 11:06 am |
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jenikabourne
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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.
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Mon Nov 01, 2010 12:33 pm |
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alinasmith001
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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.
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Wed Nov 10, 2010 9:20 am |
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zaynahblaze
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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.
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Thu Nov 11, 2010 9:40 am |
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cdloanmod
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According to me this is not good. But still there are many ideas so think about some other idea. 
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Wed Feb 02, 2011 9:37 am |
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laura.alamery
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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.
Laura Al-Amery is a real estate investor and consultant, with 23 years exerience in many real estate sectors. For a FREE Report on “The 8 Most Profitable Real Estate Niches,” please visit www.BestRealEstateNiches.com
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Mon Feb 07, 2011 11:59 pm |
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savana
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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.
http://www.capitalareahomebuyers.com/tell-us-about-your-property.html
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Thu Feb 24, 2011 11:53 am |
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sirmikey1
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A lot of people do this with rental properties:
Take all the equity out and then sell them off.
Better on taxes.
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Sun Mar 20, 2011 1:48 pm |
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