Posted on: 09th Jul, 2007 11:05 am
I have a 550-560 credit score and my house is worth 280-290K and I owe 197K, my only other debt is a credit card 4K. My score is very poor because of a couple issues that have been resolved and I am tired of calling lendors and having them run my credit and getting turned down. I make 49,500 a year. Does anyone know a lendor that you think could approve me. I do not have any cash to my name. All I want to borrow is 13K. Thanks for the Help...
You have enough equity in the house and should be able to get the mortgage for the amount you need. What you need to do is talk with a few lenders about your requirement. But are there any major negatives on your report because of which lenders are turning you down?
"My score is very poor because of a couple issues that have been resolved"
How long the issues got resolved? Lenders would look at your credit history for the last one year to judge your financial stability.
Miller
How long the issues got resolved? Lenders would look at your credit history for the last one year to judge your financial stability.
Miller
Hello Helphelp,
You seem to have enough equity in the house. So, I suggest that you can try either the Home Equity Loans or the Home Equity Line Of Credit (HELOC).
Home Equity Loan the interest rates are fixed, and so are the monthly payments. While in Home Equity Line Of Credit (HELOC), the interest rates are adjustable, so they may rise over time. So, before you try for any one of these loans, you must ask yourself the following questions:
You seem to have enough equity in the house. So, I suggest that you can try either the Home Equity Loans or the Home Equity Line Of Credit (HELOC).
Home Equity Loan the interest rates are fixed, and so are the monthly payments. While in Home Equity Line Of Credit (HELOC), the interest rates are adjustable, so they may rise over time. So, before you try for any one of these loans, you must ask yourself the following questions:
- Is the loan for a long-term purpose, or a short-term purpose?
- How big a monthly payment can I handle?
- Do I need the money in a lump sum, or in several installments?
- Does a variable rate bother me?
- Would a line of credit tempt me to use the money carelessly?
Hi Guest,
Home equity loans allow a homeowner to borrow money by keeping the house as collateral. Borrowers who do not have good credit often find the home equity loan to be attractive. It is an attractive option for you as it has a lower interest rate, the repayment period is shorter than that of primary mortgage and the interest paid is also tax-deductible. You can use this type of loan for making expenses like home renovation or education. And it can also help to pay off your credit cards due. You will find many lenders in our community who offers home equity loan. You can consult with them to find out what they can offer you.
Home equity loans allow a homeowner to borrow money by keeping the house as collateral. Borrowers who do not have good credit often find the home equity loan to be attractive. It is an attractive option for you as it has a lower interest rate, the repayment period is shorter than that of primary mortgage and the interest paid is also tax-deductible. You can use this type of loan for making expenses like home renovation or education. And it can also help to pay off your credit cards due. You will find many lenders in our community who offers home equity loan. You can consult with them to find out what they can offer you.
I had a divorce in 2003 and then filed for bankruptcy just 2 years after. I have a home for which I'm paying $1400 on a monthly basis. But my home isn't in good condition now and I'm thinking of refinance and take some cash out but really afraid to do so. There is $150,000 yet to pay down on my house and the home is worth $250,000. last year I tried to take out $15000 but they were charging me something around $21000. I really can't afford to pay a large amount for my mortgage. And in case I cannot borrow the money I'd like to refinance my home to lower the interest from 7.5% and also pay a low installment each month. I am not much aware of the industry and not know about the various loans available. People speak of so many loans and I'm really confused. What do I do? how to use my home equity. Any suggestions will be appreciated.
Hello Heavens,
Earlier using the subprime loans, people with a poor credit score or with a high debt to income ratio were able to clean up the credit. But due to the slump in the mortgage industry, subprime loans are at a very low state and not very popular. You can refinance after bankruptcy :) but you may have trouble in finding a lender. If you refinance before the 37th month of bankruptcy, then you will be responsible for repaying the unsecured debt that you filed for. If you can hold till the 37th month, you can refinance and not be held responsible for that previous debt. You can have the lender refinance all of your current debts and this would include your filed bankruptcy that you are currently paying and the unsecured debt that you had discharged as well as new debt.
You can refinance with an FHA Mortgage even after filing chapter 13. Generally, limits on how soon a refinancing can occur, favors Chapter 13. For more information you can go through refinance after bankruptcy discussion.
Earlier using the subprime loans, people with a poor credit score or with a high debt to income ratio were able to clean up the credit. But due to the slump in the mortgage industry, subprime loans are at a very low state and not very popular. You can refinance after bankruptcy :) but you may have trouble in finding a lender. If you refinance before the 37th month of bankruptcy, then you will be responsible for repaying the unsecured debt that you filed for. If you can hold till the 37th month, you can refinance and not be held responsible for that previous debt. You can have the lender refinance all of your current debts and this would include your filed bankruptcy that you are currently paying and the unsecured debt that you had discharged as well as new debt.
You can refinance with an FHA Mortgage even after filing chapter 13. Generally, limits on how soon a refinancing can occur, favors Chapter 13. For more information you can go through refinance after bankruptcy discussion.
Hi helphelp,
Welcome to our forums.
I can understand what you're going through right now - approaching a number of lenders and then getting your credit pulled by each of them is indeed very tedious. Anyway, I'm a bit concerned as you've mentioned that lenders are pulling your credit report. This is because the more the number of inquiries within a certain time period, the more it will affect on your credit score. So, I think it will be better for you to wait for some time till you can improve your credit score and then qualify for loans at a favorable rate of interest.
However, if you are still interested and need the money urgently, then you can look out for lenders in our community. There are a number of lenders offering loans to borrowers having different credit status and income level. So, you can just send us your Request for mortgage quotes with the minimum details. As soon as we receive your request, we shall forward it to the lenders and they will contact you if they can match their profiles with your loan requirements.
Good luck! :)
Welcome to our forums.
I can understand what you're going through right now - approaching a number of lenders and then getting your credit pulled by each of them is indeed very tedious. Anyway, I'm a bit concerned as you've mentioned that lenders are pulling your credit report. This is because the more the number of inquiries within a certain time period, the more it will affect on your credit score. So, I think it will be better for you to wait for some time till you can improve your credit score and then qualify for loans at a favorable rate of interest.
However, if you are still interested and need the money urgently, then you can look out for lenders in our community. There are a number of lenders offering loans to borrowers having different credit status and income level. So, you can just send us your Request for mortgage quotes with the minimum details. As soon as we receive your request, we shall forward it to the lenders and they will contact you if they can match their profiles with your loan requirements.
Good luck! :)
Wow guys thanks for all of the replys well I am waiting for the call back from the broker this morning and he is 100% sure I will get the HELOC because of my wife's credit 685 so I am very excited. I got a killer deal on a boat, which after doing research I could flib the boat for 5k more than what I bought it for so I was desperate to get the boat. I am planning on moving in the next 2,3,4 years so I will pay the boat off when I sell. I guess I will just eat the interest payments each month which will be around 110-120 for the amount I need so I figure I sell the house in 3 years pay 3-4K in interest and I will have a paid off boat and end up paying what the boat was actually worth so if it all works out I could sell the boat in three years and get close to what I invested in it and also have a boat for three years "for free"
PS is there anything I should watch for.
By the way I have never have had this many responses on a post on any forum ever thanks for the help
PS is there anything I should watch for.
By the way I have never have had this many responses on a post on any forum ever thanks for the help
"I sell the house in 3 years pay 3-4K in interest and I will have a paid off boat and end up paying what the boat was actually worth so if it all works out I could sell the boat in three years and get close to what I invested in it and also have a boat for three years 'for free'
PS is there anything I should watch for. "
For me it sounds ok to go ahead with. :)
PS is there anything I should watch for. "
For me it sounds ok to go ahead with. :)
There are always lenders out there who offer personal loans specifically for people with bad credit, but each lender will have different qualifying criteria so you may have to try more than one place. There are companies, such as brokers, who will get all of your information and run it through a few different lenders at once, so you do not get a ding to your credit for each inquiry. This may be something to consider as you are already talking about having a lower credit score range. Just a thought.