I went to the bank today and tried to get a home equity loan but they turned me down because I had bad credit. I have a stable job that I worked at for over 5 years, I own my home and it is fully paid for. I drive a 2006 Mustang Gt but they still turned me down because of bad credit. I wanted to get the cash to fix my home becuase it need new pipes and a heating system, so i wasnt going to go blow the money. My credit isnt super bad but its still not good, is it possible for me to get a home equity loan without good credit. i DONT want any online loan stuff or any stuff like that. I LIVE in a small town with not that many banks and i need this loan before winter. cAN I GET THIS LOAN WITH MY BAD CREDIT?
2007-07-31 15:08:40 · 2 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
With you owning the home outright you should be able to get money. You didn't say if you were trying to get a signature loan, mortage or line of credit. All three have different requirements and also have different APR rates. You could also try with an on line corporation. Try something like Ditech, run by GM, Stay away from the get cash quick places like FAST CASH with ads with garry coleman. Those rotten companies charge up to 99% Stick with a good company and check with the BBB.pp
2007-07-31 15:36:19 · answer #1 · answered by ttpawpaw 7 · 0⤊ 0⤋
It's still possible to get a loan with bad credit. When the refi boom hit an all time high in 2003 most of the people with A credit ratings (really good) cashed in. Now to stay afloat lenders are having to change their loan programs to include those with not so perfect credit. There are plenty of loans out there for you, just don't give up. Do not go around applying for a bunch of loans, though too many inquires damage your credit rating further. Find a mortgage broker or loan officer to help you, they'll pull your credit once and then run through several lenders to find you the best deal. Your interest rate will be higher because of your credit but getting the money you need shouldn't be a problem. Or try calling Countrywide, they have great programs all over the country.
2007-07-31 15:19:23 · answer #2 · answered by butterfly8373992 2 · 1⤊ 0⤋
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RE Can I get a home equity loan with Bad Credit. i OWN My home and its fully paid for?
I went to the bank today and tried to get a home equity loan but they turned me down because I had bad credit. I have a stable job that I worked at for over 5 years, I own my home and it is fully paid for. I drive a 2006 Mustang Gt but they still turned me down because of bad credit. I wanted to get the cash to fix my home becuase it need new pipes and a heating system, so i wasnt going to go blow the money. My credit isnt super bad but its still not good, is it possible for me to get a home equity loan without good credit. i DONT want any online loan stuff or any stuff like that. I LIVE in a small town with not that many banks and i need this loan before winter. cAN I GET THIS LOAN WITH MY BAD CREDIT?
2014-09-11 12:08:12 · answer #3 · answered by Anonymous · 0⤊ 0⤋
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RE :Can I get a home equity loan with Bad Credit. i OWN My home and its fully paid for?
I went to the bank today and tried to get a home equity loan but they turned me down because I had bad credit. I have a stable job that I worked at for over 5 years, I own my home and it is fully paid for. I drive a 2006 Mustang Gt but they still turned me down because of bad credit. I wanted to get the cash to fix my home becuase it need new pipes and a heating system, so i wasnt going to go blow the money. My credit isnt super bad but its still not good, is it possible for me to get a home equity loan without good credit. i DONT want any online loan stuff or any stuff like that. I LIVE in a small town with not that many banks and i need this loan before winter. cAN I GET THIS LOAN WITH MY BAD CREDIT?
3 following 1 answer
2016-11-10 09:39:02 · answer #4 · answered by ? 6 · 0⤊ 0⤋
Yes, you can get the loan with bad credit.
In spite of the danger of losing the home if you are unable to pay, many still go for this method because it is open for anybody who has a home and can obtain a big loan. The interest rates are quite economical and this can be made a tax deductible.
2013-09-04 21:53:20 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Yes, you can get a loan on basically any credit if there is sufficient equity. Local banks often turn people down or give them higher rates based on thier asset pool. Try a mortgage broker. They can get the money for you.
2007-07-31 16:11:43 · answer #6 · answered by Ron B 3 · 0⤊ 0⤋
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2014-10-07 20:11:49 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Maybe what you should seek is a line of credit on the equity in your home.
2007-07-31 15:21:52 · answer #8 · answered by Anonymous · 0⤊ 0⤋
i am mrs wee, i want you to help me to thank Mr Aso he is a great lender he help me with a loan with a low rate interest,pls if you are in need contact Mr Asorealloan_nelly@yahoo.com
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2007-08-02 01:19:48 · answer #9 · answered by wee o 1 · 0⤊ 0⤋
Lots of good answers already for this question
2016-09-19 12:48:53 · answer #10 · answered by Anonymous · 0⤊ 0⤋