Home Equity Loans?
Wednesday, 2. June 2010
Which company would be the best to go w/ for a home equity loan? My credit is bad 
I want to get a home loan, fix up the house, and pay off my little bit of debts i have. I know with my credit being not so great i’d get about a 9% rate (most likely) Im only looking to borrow -40,000
Richie Rich Says:
If your score is below 650, you probably wont get one. And just because you have a low score does not mean that the rate will be 9%. They may surprise you with a lower rate.
As far as which would be a good one? Most of the lenders now have been raked over the coals for screwing over their customers.
I would find a local Primerica agent and see if they can help. The $.M.A.R.T. Program offered if very flexible and just might work in your situation.
Jacob H Says:
If your score is below 650, you probably wont get one.
The 2 major types of home equity debt are: home equity loans and a home equity line of credit or Heloc. Both these categories use your home as collateral. A home equity loan is nearly equivalent to your primary mortgage, since it is a fixed interest loan. The interest rate throughout the duration of the loan is constant, irrespective of the number of years for which you have taken the loan. http://www.freewebs.com/getanswer/TypesofHomeEquityLoan.html
sara sentor Says:
Home equity loan is a good option but I would suggest refinancing instead. Home equity has overall high rate of interest, & in the long run they are going to cost you more $$, which you should avoid as you already are suffering from bad credit. http://www.homemortgagewhiz.com/homeequityrefinance.html
Refinancing on the other hand is a better option for equity in your home. What you should however remember is that only few financial institutions will refinance your home at hundred percent of its value without giving you an ultimatum to take a second mortgage. Be careful and don’t use hundred percent of your equity because it can prove to be a costly mistake in emergency situations, as you will have no luxury of falling back to your equity in that scenario. Want to know more on home loans, log in to: http://www.homemortgagewhiz.com/homemortrefinance.html
Jennifer Says:
Hi,
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