Interesting question? I own a home witha conventional mortgage on it. The land that my home sit on is worth more than the home. Can I get a loan on the value of the land, so I can payoff my conventional mortage and keep the land one? If your thinking to yourself why? I live in Fl. and insurance rates costing more than people can afford. So, someone in my situation can do away with certain aspect of the policy (ie. wind storm) which what makes insurance down almost unbearable..

THE QUESTION IS A MATTER OF LTV (LOAN TO VALUE). HOW MUCH IS THE LOAN ON THE HOME, AND WHAT IS THE VALUE OF THE LAND? FOR INSTANCE: IF YOU OWE 300,000 ON THE HOUSE, AND THE LAND IS WORTH 500,000, THEN I CAN GET YOU THE LOAN, ASSUMING YOUR CREDIT IS GOOD, AND YOUR INCOME ADEQUATE. BUT KEEP IN MIND THAT LOANS ON LAND ARE HIGHER INTEREST AND EXPENSIVE RELATIVE TO RESIDENCES. IF YOU ARE INTERESTED. EMAIL ME THE PERTINANT DATA: ADDRESS, CREDIT SCORE, NAME , INCOME, ETC. AND I WILL CRUNCH THE NUMBERS AND TELL YOU WHAT THE RATE AND COST WILL BE.

YOURS TRULY,

MIKE SIMES
MSIMES@GOCHC.COM