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Loan for 55-60k

I need a home finance loan between $55K - $60K for a vacation home in CA. by ktscha_435_458 from Mars, Pennsylvania. Feb 6th 2013 Reply


Matt Pollina (matt@smartmtgs.net)
#58 ranked lender in Illinois - 40 contributions

A lot of lenders have a minimum loan amount of $50k, I would contact a local broker. Also, if you have the equity available in your primary residence you may be able to Refinance and get cash out or obtain a Home Equity Line of Credit.

Feb 6th 2013
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,823 contributions

For much smaller loans (Under $60K) you are usually going to find the best terms with a local community bank or local credit union. Mortgage Bankers and Mortgage Brokers can rarely do them and the big banks usually won't give you the time of day unless the loan is $150k or higher. Another option is to look at equity in your current property and see if you can do a cashout refinance and pay cash for the vacation property. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Feb 6th 2013
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Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

try a credit union for a loan that size.

Feb 6th 2013
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Jamie Ware (YourMortgageGuy)
#72 ranked lender in Pennsylvania - 44 contributions

As Matt stated many lenders have a min loan amount but there are some lenders out that will get this done for you. If you need help please contact me through my profile. Make it Great

Feb 6th 2013
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,240 contributions

FYI - the reason is that most mortgage lenders are paid a commission based on the loan amount. A relatively small loan may tie them up from doing a larger loan where they make more income.

Feb 6th 2013
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