I have looked at most places through a search engine and I have been denied most places
2007-03-26 08:27:44 · 11 answers · asked by Rotasha W 1 in Business & Finance ➔ Credit
Refinancing will probably be easier. We are in the middle of a bankruptcy and were still able to refinance our house. We started out with Lending Tree. We had to get a FHA loan.
2007-03-26 09:55:30 · answer #1 · answered by A 3 · 0⤊ 0⤋
But even with your bad credit rating, you can get a home equity loan or any loan, if you have a home equity. There are many lenders who deal exclusively in people with bad credit. Only thing is you may have to look around aggressively to get the loan of your choice.
If you own a property or a home, there are many methods open to you to provide security to the loan you want to take. This will relieve the lender of worries regarding your ability to pay back the loan. This makes it easy for you to get the loan. But never forget the fact that you are taking risk with your biggest asset – home, and in case of default, you stand to lose it.
Like any other type of loan, there are some factors you should look into carefully in the bad credit home equity loan. Check out the interest rates and conditions of the loan before taking any decision.
2007-03-27 02:53:27 · answer #2 · answered by Anonymous · 0⤊ 0⤋
A 514 credit score is very low. Can I inquire as to why? Did you declare bankruptcy recently? We provide refinance loans to people, even if, they have poor credit but a number of factors also count.
What is the equity in your home, where do you live, etc.
2007-03-26 09:08:06 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I do mortgages for all types of credit. How much do you currently owe on your home and what is the home worth? I would also need to know how much you are looking to take out. Home equity loans are not the easiest to get. Sometimes it is easier to refinance the whole thing than to do a home equity loan if your credit is not the best. If you would like to discuss your options more, feel free to email me at my work email at angela_davis@patriotmortgagecompany.com or you can call toll free at 1-800-934-2012 ext. 108.
Angela
2007-03-26 08:45:37 · answer #4 · answered by Angela D 1 · 0⤊ 0⤋
That is a pretty shoddy score and lenders are starting to tighten the screws because of so much uncertainty in the mortgage market right now.
And with the housing market in a precarious position (we'll be seeing massive foreclosures over the next few years as ARMs start to adjust and people can no longer make their payments.
They were giving away 100% not long ago to sub-prime borrowers, but that is almost non-existent now.
With your score, I'd be very leery of any terms you would get on a heloc.
2007-03-26 08:33:18 · answer #5 · answered by i love carbs 2 · 0⤊ 0⤋
If your credit is too low than the only place you can get a loan is one of those underwriting places.
Kind of shady people. Expect a high interest rate and to pay 10% minimum down.
Better idea is to save your money get you credit back up and try again in a couple of years.
2007-03-26 08:32:16 · answer #6 · answered by puggylover 4 · 0⤊ 0⤋
you would be better off cleaning up your credit then paying the hundreds of dollars extra on high interst loans due to a low credit score.
2007-03-26 08:32:15 · answer #7 · answered by Anonymous · 0⤊ 0⤋
If I were you I'd refinance, but you'll have to pay for a appraisel about $400. but by refinanceing you'll only have one payment and you might get more cash back. try Finance America in I think Irving calfornia. I financed from them in 2004.
2007-03-26 08:41:14 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Hey i'm here for the first time. I came across this question and I find the answers really valuable. I am hoping to give something back to the community and help others too.
2016-08-23 22:06:54 · answer #9 · answered by ? 4 · 0⤊ 0⤋
Maybe yeah
2016-07-28 10:16:49 · answer #10 · answered by Anonymous · 0⤊ 0⤋