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Loan against my home

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donnaj43 Joined: 16 May 2010 Posts: 1 1.00 Dollars($)	Posted: Sun May 16, 2010 10:07 am    Post subject: Loan against my home Like 0 Dislike 0 I have 100% equity in my home, I am 45 but I have bad credit. All I need is a $5,000 personal loan. I would like to use my home as collateral. Is this a possibility?
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Sun May 16, 2010 8:12 pm    Post subject: Like 0 Dislike 0 Hi donnaj, With a bad credit score, it won't be possible for you to qualify for a home mortgage. However, you may get a personal mortgage using the property as a collateral. You should note that personal mortgages are available at a higher interest rate. If you can afford to pay the higher interest rates, then you can go ahead and take out a personal loan. _________________ Procrastination is the enemy of your financial success

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