Q&A: what can you tell me about home equity loans in Galveston Texas?

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Question by mayiask: what can you tell me about home equity loans in Galveston Texas?
trying to buy a home to be moved to small lot in Galveston county, wondering if we could get a home equity loan at that point to fix it up? or what options would be available, will take all our funds to buy and move it to the lot.
it is not a mobile home old ceder home.
but isn’t even shown on the land with the appraisal district

Best answer:

Answer by linkus86
It is possible, but everything is dependent on the value of the improved property where the house will be moved. Assuming the house you will be moving is not a mobile home, the value of the lot your already own will rise dramatically, but you are not guaranteed the value of what you paid for the house will exist at the new location. Once the house is moved an appraisal will need to be done to determine how much equity exists to borrow against. If you know you will need the loan, it is best you sit down with a local mortgage broker to determine if you will even be allowed to borrow as you will have to have an adequate credit rating and income to repay the loan. To estimate how much may be available to you (and this is an unreliable method), you could identify the tax valuation of the house you plan to move (houses are usually valued separately from land by the tax assessor) and add it to the lot you already own (as valued by the tax assessor)

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