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I'm looking for mortgage under $50,000

i do not want to go thru a big bank. how can i find one around this price by subealan7863617 from South Hero, Vermont. Mar 24th 2015 Reply


Ray Antonelli (Focused)
#67 ranked lender in Ohio - 52 contributions

A small local bank is the best bet for you anyway. Most big lenders won't originate a loan under 50K because they can't make any money due to all the rules and regulations imposed by the CFPB.

Mar 24th 2015
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Bert Carpenter (BertCarpenter)
#38 ranked lender in Arizona - 1,815 contributions

Ray is correct. Very few non-bank lenders will do a loan this small because of current regulations. Your best bet is a local community bank, not one of the big banks. You can also try your local credit union. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in Arizona (AZLO0911876 / AZBK0902429), Washington (WALO40586 / WACL3087) and California (CADOC40586 / CAFLL6036566). We are licensed by the CA-DBO under the CFLL and CRMLA. Loans made or arranged pursuant to CFLL or CRMLA license. ~ www.LoansA2z.com ~ 888-889-9950

Mar 24th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,917 contributions

The rules are different when it comes to small loan amounts.. it becomes hard to profit form them since most of the income generated by mortgages are based on a percentage of the loan amount.. 3% of $50,000 is only $1500, which for most lenders, doesn't even pay for underwriting and processing.. the rules are different for the big box banks, so they can do it or possibly a small credit union.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Mar 24th 2015
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,515 contributions

Almost without fail, for getting loans under $50,000 to $60,000 - you need to deal with a bank. The rules are written such that the typical place to get the best loans (your local mortgage broker), are not able to offer small loans. The government, in another not so brilliant move they thought would help consumers is actually hurting people looking for small mortgage loans. Good Luck!

Mar 25th 2015
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