mortgage or refi

[Anonymous]

 I currently own 10.29 acres with a cabin and an 18 x 20 shop. the tax value is over $50,000. I owe less than $4000 on it now. I would like to pull some equity out to make some upgrades to the property. My credit was 720 but after quite afew doctor bills, due to an unfortunate accident, it's in the low 600's. Does anyone know who will give a disabled person with equitable collateral a loan of 30 to 40 thousand without having to pay enormous rates.

[NC_Mtg_Loaner]

mortgage rates are still near record lows, might need a 'mid-600' score (>640) for a cash out refi though.

is this a primary residence, second home or an investment property?

[Anonymous]

What kind of income do you have ?

[Anonymous]

primary

[Anonymous]

just Disability

[Anonymous]

Appraised value and tax are 2 different things 

it will come down to capacity to pay. Can you comfortably pay the note every month based on lending guidelines .? Collateral is only good for bank if you default 

[Anonymous]

Hold on!  You owe only a few thousand dollars.  Why would you go further into debt?  You are doing so well, just keep paying on that mortgage and you will own your home FREE AND CLEAR in no time!  Once you have no mortgage, use all that extra money you have to save up for the improvements. 

[Anonymous]

yes this is true but, I want to rebuild my credit and also payoff an existing high interest loan. The money I save on that alone is staggering. I'm also into Solar and living a self sustainable life. I love working in the garden and tinkering on Solar energy projects.

[Anonymous]

I built my cabin from scratch, cleared the first 1.20 acres of land by hand. So my home (CABIN) is paid for free and clear. I just owe $3900 on the extra 9.09 acres that is adjacent to my Cabin.

[Anonymous]

 as for being able to pay back the loan, I'm paying out over $1000. now, with no late payments I might add. The Cabin has passed all inspections with flying colors.

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@Anonymous wrote:

I built my cabin from scratch, cleared the first 1.20 acres of land by hand. So my home (CABIN) is paid for free and clear. I just owe $3900 on the extra 9.09 acres that is adjacent to my Cabin.

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