Will a Mortgage company nouns a loan below 5k ?
A friend of mine wants to mortgage a second home under 5k.
She dosent want to seize in over her head surrounded by payments and the house is worth 70k.
Would a company make a loan at such a small amount?
Thanks for any help and 10 points for you ,
Answers:
she has 65k and cant muddle through to get the last 5k?? If you didnt hold an mortgage you would save appraiser and other closing costs.
if you discussion about a home equity, lenders have really tightened up their guidelines. One better hold great credit and equity in the home. One lender I can recommend is HSBC but their minimum is 10k, as long as they havn't changed that in times past 3 months. if that doesn't work, I would consider a personal loan through a bank. Also, check the network of friends, credit union can be a good alternative in situations approaching this, good luck Source(s): 7 years title examiner, mortgage broker
Most regular lenders won't touch underneath 50k, but some will at a higher interest rate. There is benificial, but I really hate those guys.
There are normally private money lenders who will do smaller notes but you won't get the going rate in attendance either, and you have to keep under surveillance some of those like a hawk.
She can go to her own sandbank and see what they will do, sometimes your own bank will give you special treatment if you hold a history with them. Source(s): 15 year realtor, expert on creative finance and other areas
NO it costs to much to process.
My guess is $50,000 would be a minimum of not higher
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Can we acquire a mortgage loan?
My wife has a 700+ credit score, but no mission. I have a 500 credit score, but bring home something like $2100 a month. Our recurring monthly bills now are smaller number than $200 (this does not include water/power that we will need once buying a house). Is...
She dosent want to seize in over her head surrounded by payments and the house is worth 70k.
Would a company make a loan at such a small amount?
Thanks for any help and 10 points for you ,
Answers:
she has 65k and cant muddle through to get the last 5k?? If you didnt hold an mortgage you would save appraiser and other closing costs.
if you discussion about a home equity, lenders have really tightened up their guidelines. One better hold great credit and equity in the home. One lender I can recommend is HSBC but their minimum is 10k, as long as they havn't changed that in times past 3 months. if that doesn't work, I would consider a personal loan through a bank. Also, check the network of friends, credit union can be a good alternative in situations approaching this, good luck Source(s): 7 years title examiner, mortgage broker
Most regular lenders won't touch underneath 50k, but some will at a higher interest rate. There is benificial, but I really hate those guys.
There are normally private money lenders who will do smaller notes but you won't get the going rate in attendance either, and you have to keep under surveillance some of those like a hawk.
She can go to her own sandbank and see what they will do, sometimes your own bank will give you special treatment if you hold a history with them. Source(s): 15 year realtor, expert on creative finance and other areas
NO it costs to much to process.
My guess is $50,000 would be a minimum of not higher
Related Questions:
Can we acquire a mortgage loan?
My wife has a 700+ credit score, but no mission. I have a 500 credit score, but bring home something like $2100 a month. Our recurring monthly bills now are smaller number than $200 (this does not include water/power that we will need once buying a house). Is...