Posted on: 16th May, 2006 10:01 am
IS THERE ANY OTHER LOAN YOU CAN TAKE OUT THAT DOESN'T NEED GOOD CREDIT. MY HOUSE HAS THE EQUITY BUT OUR CREDIT IS NO GOOD. WHAT GOOD IS THE EQUITY IN OUR HOME, IF NOT TO HELP US.
Hi, FUREYM
Welcome to the Community.
"IS THERE ANY OTHER LOAN YOU CAN TAKE OUT THAT DOESN'T NEED GOOD CREDIT. MY HOUSE HAS THE EQUITY BUT OUR CREDIT IS NO GOOD. WHAT GOOD IS THE EQUITY IN OUR HOME, IF NOT TO HELP US"
If you ask me, there are many loans available in the market on low credit score. All you need is to present well to the lenders and needs bit of smart shopping.
If you have been regular with all the payments in last few years then these things will also work in your favor. Now a days lenders have started giving loans to those borrower with low credit scores, but there above said things are important.
Hope this will help you.
Welcome to the Community.
"IS THERE ANY OTHER LOAN YOU CAN TAKE OUT THAT DOESN'T NEED GOOD CREDIT. MY HOUSE HAS THE EQUITY BUT OUR CREDIT IS NO GOOD. WHAT GOOD IS THE EQUITY IN OUR HOME, IF NOT TO HELP US"
If you ask me, there are many loans available in the market on low credit score. All you need is to present well to the lenders and needs bit of smart shopping.
If you have been regular with all the payments in last few years then these things will also work in your favor. Now a days lenders have started giving loans to those borrower with low credit scores, but there above said things are important.
Hope this will help you.
hi,
welcome to mortgagefit forums.
it seems that you are dejected with your credit score. sometimes we do face such problems and believe me things don't remain the same forever.
now, there are varied loan programs developed today for people with poor credit and since you have equity in your house so that can be an added advantage to your loan request. you can get approved for a home equity loan which is granted even if the homeowner has a bad credit.
although credit score plays a major part in getting approved for a loan at a lower rate but there are some other criteria that the lenders look into when the borrower doesn't manage to have enough score to qualify.
at that time they look into your income, debts, monthly expenses, assets etc. so, having a poor score doesn't end the entire road for you although it may be a little difficult to have the ideal rates.
can we have some more detail like your score, income and expenses? i feel a little shopping around will help you to get a suitable lender for your requirement.
one more thing i want tell you as a friend, that whomever you approach for a loan you must be aware of the abusive lending practices. some lenders target the borrowers requesting a loan against the equity of their home but having poor credit. so, always check for the reputation of the lender or discuss with some experienced persons and never sign on any paper without understanding it completely.
feel free to ask if you have any further doubts.
god bless you.
for mortgagefit,
samantha
welcome to mortgagefit forums.
it seems that you are dejected with your credit score. sometimes we do face such problems and believe me things don't remain the same forever.
now, there are varied loan programs developed today for people with poor credit and since you have equity in your house so that can be an added advantage to your loan request. you can get approved for a home equity loan which is granted even if the homeowner has a bad credit.
although credit score plays a major part in getting approved for a loan at a lower rate but there are some other criteria that the lenders look into when the borrower doesn't manage to have enough score to qualify.
at that time they look into your income, debts, monthly expenses, assets etc. so, having a poor score doesn't end the entire road for you although it may be a little difficult to have the ideal rates.
can we have some more detail like your score, income and expenses? i feel a little shopping around will help you to get a suitable lender for your requirement.
one more thing i want tell you as a friend, that whomever you approach for a loan you must be aware of the abusive lending practices. some lenders target the borrowers requesting a loan against the equity of their home but having poor credit. so, always check for the reputation of the lender or discuss with some experienced persons and never sign on any paper without understanding it completely.
feel free to ask if you have any further doubts.
god bless you.
for mortgagefit,
samantha
Yeah I feel a home equity loan can serve your purpose although I can't make specific comments without some more information on you. Home equity loans are comparatively easy to qualify even with a bad credit.
Look for some good brokers in your area for guidance. You can also seek help from this MortgageFit community. I have found them maintaining a wide network of lenders and some of them have products developed to meet the requests of borrowers with poor credit.
Look for some good brokers in your area for guidance. You can also seek help from this MortgageFit community. I have found them maintaining a wide network of lenders and some of them have products developed to meet the requests of borrowers with poor credit.
furey...
when you wish to borrow money, you approach someone who is willing to risk their money to lend to you with the hope that you pay them back. if your credit history is poor, the expectation level of that person with the money is lowered.
in other words, if you have poor credit, you have established a track record that says you don't pay your bills as you have promised to do. someone with money to lend wants to be assured that he or she gets the loaned money back. to make a loan to someone who has a poor record of making payments is very risky. many banks/lenders/individuals do not wish to take that risk, regardless of the equity you may have in your home.
the last thing a lender wants to do is to repossess the collateral, whether that collateral is a home or a car or some other asset. what the lender wants, most of all, is to get back the money (with interest) that it loaned out to you.
i could go on and on, but will not, for the sake of brevity.
when you wish to borrow money, you approach someone who is willing to risk their money to lend to you with the hope that you pay them back. if your credit history is poor, the expectation level of that person with the money is lowered.
in other words, if you have poor credit, you have established a track record that says you don't pay your bills as you have promised to do. someone with money to lend wants to be assured that he or she gets the loaned money back. to make a loan to someone who has a poor record of making payments is very risky. many banks/lenders/individuals do not wish to take that risk, regardless of the equity you may have in your home.
the last thing a lender wants to do is to repossess the collateral, whether that collateral is a home or a car or some other asset. what the lender wants, most of all, is to get back the money (with interest) that it loaned out to you.
i could go on and on, but will not, for the sake of brevity.
