is there a place that offers home equity loans to people that have bad credit?
Dec 20, 2009 in
Financial and Loan Tips
jmpoct03
my boyfriend and i own our home with no mortgage. we have around $76,000 of equity in our home but have bad credit. is there somewhere we can go for a loan that works with the better business bureau. i want to make sure its legit.
my boyfriend and i own our home with no mortgage. we have around $76,000 of equity in our home but have bad credit. is there somewhere we can go for a loan that works with the better business bureau. i want to make sure its legit.
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5 comments
golferwhoworks on December 23, 2009 at 7:45 am
there are what are called hard money lenders all across the U.S. and the rates are high. but you may also depending on scores qualify FHA try that first
I am a mortgage banker in TN & KY
Cassie S on December 26, 2009 at 4:01 pm
I am sure there is someone who would be foolish enough to lend you money and put a lien on your house, but they will make you pay. You should make an attempt to clean up your credit before putting in your loan application. My husband and I are in the middle of purchasing our first house, we don’t have bad credit, but there were a couple of things on our credit report that we needed to take care of. You’d be surprised what you could do by making some phone calls. Take care of that situation and it will be easier to convince a reputable lender to give you money as opposed to someone who will rip you off. Good Luck.
Ed Atun on December 29, 2009 at 5:01 pm
$76,000 equity is a dream for a mortgage lender. They are loaning primarily on the equity on your house; not as much on your personally. The going rate on a 2nd mortgage ( another word for homeequity loan) is 8.25%. That is a fixed rate for 15 years. WIth bad credit you will pay 9.875%. Sorry but that is the penalty you pay for your previous mistakes. You can have the money 4 days after you apply.
Clay W on January 1, 2010 at 3:36 am
You should use credit repair agency to fix your credit – for example this one – - They can clean lots of bad stuff from your credit report – and do it much faster than yourself, so your credit will go up fast.
After credit repair you can get the loan with minimal interest rate.
helpdesk on January 2, 2010 at 10:05 pm
Having bad credit is not a problem anymore, there are many lenders online where you can easily apply home equity loans loans. Check this site – it ha a list of bad credit loan lenders. Good luck!