Finance Questions

Question: Will a Mortgage Company Finance a loan under 5k ?

A friend of mine wants to mortgage a second home under 5k.
She dosent want to get in over her head in payments and the house is worth 70k.
Would a company make a loan at such a small amount?
Thanks for any help and 10 points for you ,

Answer: Most regular lenders won't touch under 50k, but some will at a higher interest rate. There is benificial, but I really hate those guys.

There are often private money lenders who will do smaller notes but you won't get the going rate there either, and you have to watch some of those like a hawk.

She can go to her own bank and see what they will do, sometimes your own bank will give you special treatment if you have a history with them.

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