Money Management And Budgeting

Bad Credit Home Equity Loan

Post reply Start a topic

Author

Message

Options

	Print this topic
	Invite a friend
	Email this topic

Bookmark online

	Add to del.icio.us
	Add to YahooMyWeb

shawn mcdonough
Guest

Subject: home equity loan

Fri Aug 31, 2007 4:42 pm

looking for home equity loan have a score of 525 can this be done

marie
Guest

Subject: home equity loan

Mon Sep 24, 2007 1:47 am

I am looking for a home equity loan, my credit score it 500 and I am 30 past due on my mortgage payment.

Laura

Joined: 21 Jun 2007
Laura's page
Posts: 1408

34397 Magic Points

Mon Sep 24, 2007 4:11 am

Marie, I can only give you suggestions here. Considering your score a home equity loan will be a little tough. Usually the lowest score accepted is 540 however do not lose hope. There are lenders who grant loans at 500 as well. Do not secure a loan from a traditional mortgage lender. Approach a high risk or sub prime lender to avoid higher rates.

If you are employed then problems will be less because when asked for tax returs or W2's you will be able to supply the sme. That might be asked for.
_________________
Regards,
Laura.

goodnatured

Joined: 03 Nov 2007
goodnatured's page
Posts: 2865

0 Magic Points

Sat Nov 03, 2007 9:31 pm

What ever you do tell them you want a fixed rate, I have seen so many people around here falling for the predatory lenders that will lend and then the payment goes through the roof and they end up losing their homes, please becareful, these predatory lenders will make their product sound like the best thing since peanut butter. Make sure you look at the fine print and don't make a decision out of desperation.

SunDevilsFan

Joined: 09 Nov 2007
SunDevilsFan's page
Posts: 192
Location: Sunny Arizona

6670 Magic Points

Wed Nov 14, 2007 6:00 am

I realize this question was asked over two months ago. But, I am just wondering what the loan is for...

Is it for consolidating all unsecured debt? Home improvement? Just curious...

goodnatured

Joined: 03 Nov 2007
goodnatured's page
Posts: 2865

0 Magic Points

Thu Nov 15, 2007 2:35 am

I don't know that the original person who asked the question is coming back. I did not realize that the question was two months old or I would not have responded to it, I better start looking at the dates on the postings huh.

I did want to mention the fixed rates for others to read, I see alot of folks getting screwed with the varible rate. That would drive me crazy never knowing what my payment would be.

Laura

Joined: 21 Jun 2007
Laura's page
Posts: 1408

34397 Magic Points

Thu Nov 15, 2007 3:57 am

Fixed rate is good. The variable rate rising due to market conditions is a huge blow on our pocket, anyway we are paying more on interest. Good I would speak for fixed rate.

Variable rate can be opted for but for a short time. Any opinion on that? Can we switch from a variable rate to a fixed one in the middle of the term?
_________________
Regards,
Laura.


Page 1 of 1

*Email:
*Password:
*Display Name:

	* denotes required field

*Email:
*Password:

	Forgot password?

*E-mail: