I own my house outright. No mortgage. I have bad credit,?
Sunday, October 17th, 2010 at
8:11 am
and need a home equity loan. Considering I have 100% equity in my home, do you think I would get approved?
Tagged with: credit • house • mortgage • outright
Filed under: Bad Credit Home Equity Loan
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Definitely. But who knows how high your rate will be.
Maybe not. Most lenders now require well over 700 credit score. Their goal is to insure that they will be repaid for the loan against your house in a timely matter. They don’t want to own your house.
On the other hand, if you are a senior citizen, there may be interest in selected banks doing a reverse mortgage, where you get financing now in exchange for them taking ownership.
You should have no problem but banks are now looking for a 20% down and really good credit,since a large % of our nations problem was lending to easily to people and home values that they could not afford.
Do you have adequate income to pay back the loan? That matters as much as your credit.
credit-report-score.10001mb.com – try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.