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to get bad credit home equity loan

Posted on: 29th Dec, 2005 11:44 am
i want to meet some needs for my family and to consolidate my bills. i have a house with a fair amount of equity on it, but my credit score is 600. will i be able to get a bad credit home equity loan? is it wise to go for it?
Bad credit home loans are a good option to go for consolidation of bills and meeting you family requirements including home improvements. With your score it won't be a problem to qualify for a bad credit home equity loan.
Posted on: 29th Dec, 2005 11:49 am
Hi Andy,

Bad credit home equity loans are easier to get with low credit scores, late payments, bankruptcy etc.

You can go for it but if you have any collection accounts, then a lender may require them to be paid off first. You should not be under bankruptcy within the last 2 to 7 years and should be current on your mortgage payment.

Try to shop around for lenders offering bad credit home equity loans to get a convinient rate although the loan program may not exceed 80% f the property value with a score less than 640.

James
Posted on: 29th Dec, 2005 12:21 pm
Hi Andy,

Don't worry to get a bad credit home equity loan as it is meant for people to get home equity loans with bad credit. Today lenders are competing for maintaining their market value and may come up with attractive offers for you.

In a home equity loan, even if you have a bad credit, your home equity stands as a security to get the loan. Lenders are happier to offer you a home equity loan as you can flee with your house or hide it. Lenders often design a home equity loan to fit your individual needs for people with bad credit.

This loan is a good option to go for home improvements and to consolidate your bills. A bad credit home equity loan is available with credit scores in the range of 580 but lower the score the interest rate will be higher.

You can go for this loan as it is easier to qualify for people with bad credit. More over the payments on this loan may be tax deductible and you may get relatively large loans.

You have to shop around as suggested by James to get a good offer and rate. You can take help of your friends and relatives for the purpose.

God bless you.

For MortgageFit,
Samantha
Posted on: 29th Dec, 2005 12:38 pm
look into FHA financing....they dont have a score requirement and allow cashout up to 95% of the value of your home
Posted on: 30th Dec, 2007 04:51 pm
your chances of qualifying for a first mortgage is much better than a second. lenders are more strict on second mortgage loans and if you do get approved the interest rates can get pretty high. but it does sound like you do have some options for a first mortgage to get some cash out for bill consolidation and home improvements.
Posted on: 13th Jan, 2008 10:23 pm
Hi Andy! I agree with everyone. With your credit score of 600, you shouldn't experience any problem with qualifying for a bad credit home equity loan. Before you agree on a loan though, you need to make sure that consolidating your bills will work for you and will actually help save you even a little bit of money. It doesn't make sense to consolidate your bills and then pay more every month
Posted on: 04th Aug, 2013 09:33 pm
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