where can I find a loan for a down payment, secured by collateral other than the home?
Sunday, March 7th, 2010 at
2:09 am
The next limited trade on my stock is in June. I need to borrow against it for a down payment on a house before the end of May. I would also like to pay off some bills so I am looking to borrow around $30,000. At this time my stock is worth $52,000.
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Tagged with: Collateral • Loan Payment • Stock
Filed under: Home Finance
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I would think that you may be able to use your stock as collateral, plus your income statement.
Don’t tell them you want to borrow for a downpayment, they’ll shoot you down.
Debt consolidation is good.
Assuming you can qualify for it, try getting an 80%/20% loan for your home. Make sure the 20% loan does not have a pre-payment penalty and you can pay it once you sell your stock.
The loan againsed your home is probably the only way because otherwise it looks like you want to take the only way because otherwise it looks like you want to take the loan againsed.
You can borrow against any REAL property for a down payment and not be penalized. By real property I mean something of value not a signature loan. A number of lenders do not verify the source of a down payment so long as you state on your application you have the money and in what account. The check for your earnest money and down payment needs to come from the same bank as you listed on your application. If your lender allows this type of verification the down payment could come from anywhere (including family/friend loan). Then once you sell your stock you could pay that back.
Try this site