Financing in Dayton>Question Details

Mohamed w, Home Buyer in Dayton, OH

can i use my car as collateral to buy house in Dayton Ohio. My car is Honda civic 2012 which worth around 17000$

Asked by Mohamed w, Dayton, OH Mon Apr 29, 2013

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A home loan is secured by the home. You are thinking of terms of an un-secured loan where sometimes collateral can be used. Purchasing a home, consists of securing a home loan, which is based upon your ability to repay the loan and your payment history, and credit scores. You should sit down with a mortgage lender to see if you qualify for a home loan.

Best of Luck;

Christina Solorzano;
CEO & SR Credit Repair Specialist at
Everlasting Credit Repair
Ex-Mortgage Broker of more than 10 years
http://www.everlastingcredit.com
0 votes Thank Flag Link Mon Apr 29, 2013
Hello, Normally when someone buys a home; the home is the collateral for the loan. If you are buying a home that is not worth the purchase price; it probably is not a wise investment.
0 votes Thank Flag Link Mon Apr 29, 2013
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