Will a bank accept a condo as collateral for a cash loan ?

A condo can be used as collateral for either a new mortgage or for a home equity line of Credit (HELOC). You will need to meet the lender's requirements, of course, but these are done all the time. Start with a local Mortgage Banker/Broker to discuss your needs. Check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

Yes.. It called a mortgage or HELOC... and depending on your position in the condo will determine if and how much they will lend... if you own it outright, then a HELOC would be your best bet.. you apply once, and you can write a check as often as you wish up to your line of credit without having to be approved each time... if you owe money on the condo, it might be harder to do because you need to have sufficient equity to borrow against it... another thing you will run into is that most lenders don't like condo's... they are the first types of properties to depreciate in value in a declining market, and the last to appreciate in value in an appreciating market... conforming lenders will require a condo cert and questioner, and it has to be approved... Since HELOC's are not "Conforming" loans, it's up to the individual lender... if you want to know for sure, you should contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

I think that depends on the bank. Why not get a HELOC or refi with cashout?

I lend nationwide. ENG Lending, A Division of Bank of England, always puts your best interest first. We would appreciate the opportunity to serve you. Please visit us at www.cincinnatimortgagerate.net. You will soon find that we are so much more than a Mortgage Banker; we are a company that is dedicated to empowering our clients and referral partners. Don't forget to visit our Facebook Fanpage at http://www.facebook.com/pages/ENG-Lending-Cincinnati/171183536269710?sk=wall Or Call Anytime 513-403-6260

Yes. If would like to discuss your different options call me at 201-962-3555. Michelle

What bank in texas accept a condo as collateral