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Can I use the two homes I own outright as collateral for a loan?

I have good credit. However, verifying my income is tricky, because I am self-employed. I own two houses outright. Can I use them as collateral for a personal, home equity, home improvement, or debt consolidation loan? If so, is a credit union my best bet?
  • July 17 2012 - Clinton Township
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Answers (1)

Good to see that you are considering a credit union. You should be able to get a home equity loan on the property(s). I suggest home equity loan because I think the intrest rate is usually lower on those loans than other loans. I suggest you talk (in person) with the loan officer at your credit union.
  • July 18 2012
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