How can I get a loan using my house as collateral?

A house is most often used as collateral for business financing and to secure home equity loans and lines of credit. For a house to qualify as collateral, it must be free and clear of any liens such as a mortgage or at least have enough equity to cover the loan amount.

Can cash be used as collateral for a loan?

Collateral on a secured personal loan can include things like cash in a savings account, a car or even a home.

How does a title loan work for a home?

What Is a Home Title Loan? A title loan lets you borrow money using property you have title to, such as a car, a boat or a mobile home, as collateral. You turn over title to the mobile home or other property when you take out the loan, then recover the title if you pay the loan back. What Is a Home Title Loan?

What are the qualifications for a title loan?

Because of the ready collateral, qualifications are looser than for, say, a mortgage. The standard requirement is that you have title — you can’t take out a loan against a rental, for instance — and that you own the home free and clear. Depending on the lender’s policy, a small loan against the property may be acceptable.

Can a title loan be used to buy a car?

June 12, 2011. A title loan lets you borrow money using property you have title to, such as a car, a boat or a mobile home, as collateral. You turn over title to the mobile home or other property when you take out the loan, then recover the title if you pay the loan back.

Do you have to Pledge Your Home for a title loan?

Generally, they will all require you to pledge the home and, if you own it, the land it’s on as collateral. A title loan is one that is backed by some asset as collateral, which in this case would be your mobile home.

Who is responsible for paying off a mortgage if you are not on the title?

The person who signed the mortgage, however, is the one obligated to pay off the loan. If you’re not on the mortgage, you aren’t held responsible by the lending institution for ensuring the loan is paid. Not being on either the mortgage or the title can put you in quite the predicament regarding homeownership rights.

Can you be added to the title if you are not on the mortgage?

Anyone who owns the home and who the person holding the loan agrees to add to the title can be added. However, you should know that even if you are not on the loan, you are susceptible to foreclosure if the mortgage or real estate taxes remain unpaid.

What’s the difference between a title and a mortgage?

For starters, it’s important to note the difference between a mortgage and a title. A property title and a mortgage are not interchangeable terms. In short, a mortgage is an agreement to pay back the loan amount borrowed to buy a home. A title refers to the rights of ownership to the property.