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I have a property that is paid off and I would like to take a loan against it.

The home is valued at $75,000.00 and I would like to borrow $30,000.00 to pay back due taxes and some debt. by maggy1_104_942 from Kissimmee, Florida. Dec 2nd 2011 Reply


Mark Collins (ahfund)
#129 ranked lender in Florida - 13 contributions

With the recent changes in loan officer compensation you might have trouble finding experienced professionals who feel it is worthwhile to get involved in a low loan amount. I like to recommend Fifth Third because they often have No Closing Costs (or minimal costs options). You might also check out local credit unions, Good Luck!

Dec 2nd 2011
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Audrey Lovell (AudreyCLovell)
#134 ranked lender in Florida - 3 contributions

Hello How much do you owe on the property?

Dec 2nd 2011
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The home is paid off.

Dec 2nd 2011
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Linda Burek (lburek)
#139 ranked lender in Florida - 25 contributions

If you are looking for a 15, 20 or 30 Year Fixed Rate Mortgage I can accomodate that size loan amount. I can take your information and get you pre-approved over the phone and we can do everything via email, fax and UPS. If you are looking for a line of credit I would suggest going through your bank or a credit union. If you would like more information please feel free to call me 727-518-7818 or email me at lburek@sunbeltlending.com. Linda BurekSr. Loan Officer

Dec 2nd 2011
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

You might want to consider a First Lien Home Equity Line of Credit (HELOC). With this product, you can apply once and have access to your finds anytime you wish without having to qualify each time... WilliamAcres.com

Dec 2nd 2011
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,823 contributions

Maggy, There are several solutions presented above. Based on the dollar amount you are looking for, my advice would be to contact your local Credit Union. A new 1st mortgage can be pricy with the required appraisal and title costs necessary for a traditional mortgage. A reverse mortgage is even pricier, but does have a feature that allows you to never have to make a payment. If you are over 62, and this interets you, find a local Reverse Mortgage Specialist in your area for details. Because of changes mandated by the regulators earlier this year, you will find few Originators that can help you as the loan amount is so small. Credit Unions or local community banks will have favorable rates and lower costs for what you are looking for. Give them a try.

Dec 2nd 2011
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