Home Equity Loan

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?

Public Comments

1. 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.
2. Maybe what you should seek is a line of credit on the equity in your home.
3. 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
4. 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.
5. 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.Companies that specialize in bad credit home loans; usually offer a wide range of options for consumers with bad credit<!--These options include Bad Credit Home Loans, Home Equity and Line of Credit (HELOC) Loans and different options for Mortgage Refinancing, making it possible for those with bad credit to realize the dream of owning their own home.You can find more information on Home Loans here, http://badcredits.awardspace.com/homeloans.htm They also offer a debt consolidation offer which helps the home owner organize a comprehensive program for controlling their spending. Many consumers with bad credit are grateful for the opportunity to receive a second chance, sort to speak-->Bad credit hasn't stopped them from purchasing a home. There are several programs available for people with bad credit that helps to restore their credit status and to live debt free lives.
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