I own my house outright. No mortgage. I have bad credit,?

Deal Score0

and need a home equity loan. Considering I have 100% equity in my home, do you think I would get approved?

  1. Reply
    May 3, 2011 at 3:54 am

    Definitely. But who knows how high your rate will be.

  2. Reply
    May 3, 2011 at 4:08 am

    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.

  3. Reply
    May 3, 2011 at 4:48 am

    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.

  4. Reply
    May 3, 2011 at 4:52 am

    Do you have adequate income to pay back the loan? That matters as much as your credit.

  5. Reply
    February 6, 2013 at 12:19 am

    I only need a short term loan to fix house and live on til it sells. Catch 22 Home worth at least 600k no money owed. But I can’t list til I can get a loan. Yes bad credit.

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