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I own a home free and clear, need a small loan about $5000.00

Profile picture for monique24
Where or who would I go to get a loan on my house for about $5,000.00. I also have a vacant piece a land. Would it be easier to get a  loan on the house or vacant land?
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April 23 2011 - Cabazon
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Answers (6)

Profile picture for Jody B. Hale

Check with a local credit union, many have zero cost equity lines.  Check also with your accountant who can go over the tax advantages of using an equity line over a credit card.

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April 25 2011
Profile picture for Roseville Loan Guy
Monique,

It would be almost impossible, and cost-prohibitive, to get a mortgage loan on either. A 0% interest credit card or a small non-secured installment loan or line of credit from your local credit union or bank would be the best way to go...

Sincerely,
Greg
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April 24 2011
Profile picture for howardran
For a loan as small as $5000, just ask friends or the credit card companies. 

There is no collateral on land so it would be best to take a loan out on your home. But with loan fees and what not for $5000, even that wouldn't be a prudent idea. 

So... Discover Card? 

Good luck! 

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April 23 2011
Profile picture for ConnieK_Oklahoma

that should be small enough to get a signature loan especially if you own your house free and clear and  have stable income.  (i would think anyway).  seems like it would be simpler to just go to the bank and ask for a loan.
(or credit cards as mentioned previously)

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April 23 2011
Norm, as per usual - pithy and funny answer

in order to contribute to this thread, I'd have to add... Amex
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April 23 2011
visa or master card
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April 23 2011
 

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Profile picture for Jody Hale
QuestionI own a home free and clear, need a small loan about $5000.00
  • Latest answer by Jody Hale
  • April 25 2011
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