What are the alternatives after being denied a HELOC / Home Equity Loan from a Sub prime Lender?
Tags:loan applicants, poor credit, sub prime lenders,
2
Lets pretence which we were denied for cashflow concerns or bad credit as well as which we had rounded off 50K in equity in the home as well as we indispensable the loan for around 5-10K. In further what sort of rates would these alternatives charge? The reason we ask is bc we assimilate which underling budding lenders denied loan field during the aloft rate (deny the incomparable % of applicants) than budding lenders.
Incoming search terms for the article:
Related solution post:
- Is it wise to apply for a Home Equity Loan from the same lender as your Mortgage Loan?
- Are people ever denied HELOC or Home Equity Loans when they have a lot of equity in their home?
- .where can I get a loan a home equity loan with a credit score of 514. I have been denied most places.?
- Does a co-signer need to be on the title to apply for a home equity loan or a home equity line of credit?
- When can I get a Home Equity Loan or HELOC?
You’re exactly right. Subprime lenders require higher scores when trying to get an equity loan no matter how much equity you have. They will normally need to payoff the first loan to get financing if you don’t have better than average credit. For a loan that small I would suggest a small personal loan at a credit union. You’ll get a better rate than a second mortgage and pay it off faster.
Did you go through a mortgage broker or straight to a company. If you go through a broker they usually work with a 100 lenders or so and can usually find you a program that will work. I’m a loan officer if you want me to look into it send me an email.