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How Can I Get a Bad Credit Home Equity Loan?

Although traditionally it is easier to apply for a home equity loan with good credit, it is also true that it is indeed possible to achieve a similar loan with a less than perfect credit score. Many lenders have options for people with bad credit even if they don't advertise it with their normal home equity loans. Just because credit hasn't been on your side in the past doesn't mean that you need to suffer.

Finding a Bad Credit Home Equity Loan

The best way to find a bad credit home equity loan is to do extensive research to find the best lending option. Many companies may offer you loans, but make sure that you carefully look into any hidden costs and fees with the loan because it can raise the cost greatly. Another point that is important to look into is making sure that the lender is credible. Sometimes "too good to be true" offers are just that. There are still many options for you even if your credit isn't sky high. Searching online can help you figure out what you should be getting and then you will have a rough idea. Most of the time people feel left out in the cold when they are in the market for a home equity loan. You should always feel comfortable with your lending company and make sure that they are on your side to take care of you the best they can. You should always remember that even though your credit might not be so good that you are still a customer to them so they shouldn't treat you any different then the next person.

Home Equity Loans

Having equity in your home can be a great thing especially if your credit score isn't the greatest. Is your credit score is low and you have equity in your house you can use it in your favor because you have a secure asset that you can put up against the loan as collateral. Equity is what you have paid toward your home and how much of it is actually owned by you. So if you were to take out a loan against that you are putting what you own of your home on the line.

Always Have a Plan

All too often people get caught up with their bills and do not have a plan to drive down their debt. When taking out a home equity loan you should remember that it is a loan and you will have to pay it back. That may mean another monthly bill so you need to be ready for what ever other problems arise. If financial you are not ready for a home equity loan then don't burden your self, but if you can handle it then it is a smart way to used your equity in your favor and raise your credit score.
National Rate Averages

Mortgage Rates

Home Equity Rates

Product Rate
HELOC 4.891%
Home Equity
Loan - 10 yrs
6.701%
Home Equity
Loan - 15 yrs
6.905%
* Updated Jun 8, 2012