Updated over 10 years ago on . Most recent reply
Pulling out equity in a property
I purchased a home for $42,000.00 and it currently is rented out for $800/mo by the same tenant for the past 6 years. I want to put a mortgage on the property for $65,000.00 to do some other business. The home currently appraises at $90,000. My credit right now is not good. Will a bank give me a mortgage for the property using the property as the only collateral? All knowledge/advise welcome. Thanks for the insight.