I need a NO credit check, NO Docs, Home Equity Loan. I own my house (no leins) and only want 80% Loan To Value

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I am tired of online mortgage sites promising no docs no credit check loans and not really being anything but regular standard lenders. I have a ton of equity in my 4 year old paid-off home. I wish to get 80% of the appraised value in a home equity loan. I work for myself and much of my income is not reported. I have been divorced and my credit score is bad. I do own the house though and wish to use that equity. Please only answer with a real solution. Predator lenders need not bother me with empty promises and credit card lending rates on a secured home mortgage/equity loan. It needs to be a lender that can operate in South Carolia as well. This is a house, 2 story frame built house 2168 sq feet heated. 2.5 baths and a 2 car garage all on a .51 acre lot. Thank You Very Much!

My parents who are both deceased gave me the 1st option to purchase their home. I want to buy my sisters out and I want to know if it is better to get a new mortgage or can I borrow money from the equity in the house and pay them off. There is no mortgage on the home, I only pay taxes.

13 Comments
  1. Reply
    tjnw79
    February 7, 2011 at 11:28 am

    This isn’t probably what you want to hear but what about taking out small signature loans first and paying them off in six months for a year or two to bring your credit score up.

  2. Reply
    VaTreasures
    February 7, 2011 at 12:23 pm

    Do not use signature loans to “build your credit”. Use a creedit card and pay the balance off. I think a NO Credit Check AND NO doc loan will be very expensive if it is available at all.

  3. Reply
    MN-Mike
    February 7, 2011 at 12:47 pm

    Find a company that offers low or no closing costs and get a mortgage….it is a lot lower interest rate and you can take it out for 15, 20, or 30 years to control the payment amount.

    Mike

    ==============

  4. Reply
    abcdgoodall
    February 7, 2011 at 12:50 pm

    a mortgage is better. get a fixed rate so you have a fixed, unchanging payment. make it fit within your budget on the shortest term possible. but, remember, the interest you pay on it is usually 100% tax deductible, so its a great tax advantage too. if you can afford more than the minimum you can always pay extra to pay it off earlier. use this website below to calculate approximate payments. also, make sure you know your credit standing so you’re an informed buyer.

  5. Reply
    Morpheous
    February 7, 2011 at 1:50 pm

    look into a reverse mortgage.

  6. Reply
    Debbie2243
    February 7, 2011 at 2:23 pm

    have it appraised..borrow against it and pay them off..ask if they can wait a while..

  7. Reply
    pitt
    February 7, 2011 at 3:21 pm

    Home equity loan is a mortgage w/o the closing costs

  8. Reply
    fukinluckyfuker
    February 7, 2011 at 4:16 pm

    You need to talk to a couple bankers in town who offer home equity loans, and also a mortgage broker or two. What you need to compare is which is cheaper over the time you expect to be paying.

    A typical first mortgage will have far more closing costs, but likely will have lower rates and easier qualifying. Depending on how much you owe to your sisters, and how much in payments you are willing to take on, you may need to do this to get a 30 year fixed rate at the lowest rates available.

    However, you might be able to find a 25 or 30 year fixed equity loan, with zero closing costs. Might be a slightly higher rate, but a good loan officer can show you the total cost over time and see which is better.

    Anything you can do to keep the term short will save you thousands in interest, so even taking a 20 year over a 25 or 30 year term is very cost-effective.

    Get out and shop. Talk to a few people. Find someone who is honest and upfront. Eventually you will find the right person to help you.

  9. Reply
    stevelarsondirect
    February 7, 2011 at 4:22 pm

    The size of the loan needed will dictate your best choice. If it is a small amount you need, then an Equity Line could be sufficient. If you need 100k+ you may need a Fixed Rate Mortgage. If you need further assistance, or a quote, please contact me via my website http://www.SLarson.com/contact or email me directly at Steve@SLarson.com.

  10. Reply
    tyrone trice
    August 5, 2015 at 12:22 am

    I have one duplex and one 4 family and 2 mixed use Comercial property’s I need help ASAP my number is 14th 519 9232

  11. Reply
    tyrone trice
    August 5, 2015 at 12:24 am

    I have one duplex and one 4 family and 2 mixed use Comercial property’s I need help ASAP my number is 414 519 9232

  12. Reply
    tyrone trice
    August 5, 2015 at 12:24 am

    Thank tou

  13. Reply
    Jan Reier
    March 17, 2016 at 12:00 pm

    All you people don’t get what he’s looking for. He’s looking for a loan with a 0 credit score is more like it, so what the !&@ do you know about that? I’ve called over 150 lenders and can’t get 10 cents. I own 2 houses free and clear plus my car and truck and all kinds of equipment but can’t borrow a dime against the equity because I have no credit history. My advice is a private lender or a relative or friend willing to cosign for you, or you could just hit the lottery. All I know is when I finish nickel and dimming my home and sell it, I’ll be @#! if I put my money in the bank so they can use it to make money, hell no, if they can’t help me I sure ain’t helping them! Maybe a secured credit card (must have $ in the bank that equals the credit limit). Keep borrowing and paying it, the experts say leave a $10 balance unpaid every month, this will cost you $1 to $2 in interest every month but as I understand it should raise your credit score from the dead.

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