I asked her straight up if she thought the loan was approvable and she said that consolidation loans are considered high risk, but that I've clearly been working hard on rebuilding my credit, the DTI is good and hopefully the LTV will be where it needs to be.
She also said that she's not really sure how approvable the loan is since she's never done a cash out "refi" on land without a house on it and that there are variables she may not be aware of with such a loan type. She's assuming several conditions must be met but she's curious what they will be. The appraisal for example will be reasons not to get a personal loan condition due to the LTV factor.
I'm hoping I hear back today. Mark as New Bookmark Subscribe Subscribe to RSS Feed Permalink Print Email to a Friend Report Inappropriate Content. Re: Cash out from land equity. My LO asked for a statement as to how important this land is to me.
I think she asked that of me to ease the concern that I'd cash out with this loan and then try to sell the land sometime in the future. Why would selling the land at a later date and paying off the loan early ,be a bad thing for them.
If you are approved and wish to go ahead with the loan, you will be required to provide details for a basic checking account where the money can be deposited and the repayments taken.
During the working week, you can expect to see the funds in as fast as the next business day. Loan Terms. Just like any other form of credit you do not have to accept an offer if you do not agree to the terms or have simply changed your mind. Before signing the agreement it is important that you go through these terms and make sure you fully understand them and decide whether the loan truly suits your financial situation.
Remember that on top of the principal amount borrowed you will also be paying an Annual Percentage Reasons not to get a personal loan of interest (APR).
This will be spread across each repayment installment. Anything you pay above the principal can be considered the "cost of the loan" and this needs to be factored into your decision.
Personal loans are similar to any other personal loan you might get from a bank or storefront lender, which means if you fail to make repayments or breach the terms in some other way, you may incur further interest and fees. Collection proceedings may also be taken against you to help recover what is owed.
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