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Collateral loan in a house that is not a mortgage.?

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  • Collateral loan in a house that is not a mortgage.?


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Answer #1 | 28/12 2013 19:58
A rose by any other name is still a rose. It would still technically be a mortgage if the house is collateral for the loan. You would be looking for subprime loans which are not so easy to find. But if you are willing to pay a 20-something interest rate for a 5 or 6 year term, you may find a lender, provided your credit and income are sufficient. Try your bank first.
Answer #2 | 28/12 2013 21:25
Try a local bank as many have programs that fit what you want - although is will still be a mortgage. On the other hand, you don't say WHY you can't qualify, but in any case, investigate Prosper.com and LendingClub.com. The rates are 7% and up, minimal fees and short payback period. Good Luck!
Answer #3 | 28/12 2013 21:29
No, that does not exist.

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