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?
Asked By: Ron Paul 2012! - 7/31/2007
Best Answer - Chosen by Asker
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... More
Answered By: ttpawpaw - 7/31/2007
Additional Answers (6)
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... More
Answered By: butterfly8373992 - 7/31/2007
Maybe what you should seek is a line of credit on the equity in your home.
Answered By: DJ B - 7/31/2007
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.
Answered By: Ron B - 7/31/2007
There are hundreds if not thousands of websites on the internet enumerating the ways to apply and receive home loan when you are plagued with bad credit issues. These sites help consumers with bad credit scores to increase the viability of their existing credit scores and set up loans regardless of their credit history... More
Answered By: andrew l - 8/1/2007
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 Thanks i wesh you good luck
Answered By: wee o - 8/2/2007
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.
Answered By: Tim - 9/5/2013
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