line of equity

patlyn11169 · Joined: 28 Feb 2008 Posts: 1 1.26 Dollars($)

I have ALOT of equity in my home looking for a line of equity stated income and not great credit ?? any help

larry · Joined: 27 Jun 2007 Posts: 3263 463.26 Dollars($)

Hi patlyn,

Welcome to the forum.

Even with "not great credit" you can get line of equity. But I think you may have to pay a bit higher interest rates.

If you have "ALOT of equity" then why don't you try out cash out refinance? That will actually give you easy access to get some cash in hand.

Best of luck,
Larry

Caron

Hi Patlyn,

First of all, please elaborate on what you mean by "not so great credit". Just want to know how bad is your credit so that I can give you the right suggestions.

What's the loan to value ratio? Most A paper lenders would do a stated income or reduce doc loan with 760 score. How much do you require borrowing? I feel you should shop around with banks and lenders and then decide upon what to apply for. You can even discuss the offers you are receiving from the lenders.

Why not get a free counseling from our community lenders. We do have a group of lenders offering loans programs to borrowers having varied credit histories. So just have a consultation with them to know which loan offer is right for you and only then request for free mortgage quotes.

Good luck

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