What is a home equity loan?

Posted on Apr 22, 2014 in Stated Income Loans

Question by Rebecca C: What is a home equity loan?
Can you get a home equity loan on a mobile home and 6 acres?

Best answer:

Answer by Wayne Z
Maybe.

What is the home and land worth and home much do you owe on it.

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4avg.rating 16 votes.

5 Comments

  1. Second Mortgage. Not likely. Check a local Credit Union.

  2. 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.

  3. 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.

  4. 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.

  5. A home equity loan is a type of loan in which the borrower uses the equity of their home as collateral. Home equity loans are often used to finance major .A home equity loan may offer you the financial flexibility you need. Learn about the various uses and types of home equity loans…………Red Deer Real Estate