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Any advice is appreciated

I am in a bind right now. I need to get caught up on a few bills. I am thinking about considering taking out a "Equity Loan". I wondering if I am making the right decision. I know there is "Equity Line of Credit" and "HELOC". I'm not sure which one I should try or if I should just go to a loan place to try to get the cash. My credit is not that great right now,but I really need the cash. I have lived in the house for about 2 1/2 years. Will I even be eligible to get that type of loan...I'm thinking? Any advice is appreciated. Thanks! by christ73428 from Rocky Mount, North Carolina. Nov 19th 2010 Reply


Ron Wohlfarth (RonWohlfarth)
#34 ranked lender in New Jersey - 65 contributions

The amount of time you have lived in your home is not the question, The current value and the balance on your mortgage is the key. Of course emmployment, earnings and credit score are also important.Please contact us to further discuss this:e/m Money@RonWohlfarth.com or phone 856-853-1234...Thank you Ron

Nov 19th 2010
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Patrick McCarthy (PatrickM)
#23 ranked lender in Ohio - 196 contributions

I would love to get you the information you need. There are too many variables that need discussed to get you the information you need to make your decision. Please feel free to call on me. Thank you for your time.Respectfully,Patrick McCarthyMortgage Relationship OfficerNorthpointe Bank555 Metro Place N; Ste 320, Dublin, Oh 43017866-901-3576866-901-3577 fax614-395-2393 cellPatrickM@Northpointe.comA+ BBB Rating http://www.bbb.org/centralohio/business-reviews/mortgage-bankers/northpointe-bank-in-dublin-oh-70013821

Nov 19th 2010
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Daniel Murphy (dmurphy)
#5 ranked lender in Rhode Island - 4 contributions

The amount of time you have lived in your home is not as relevant as the equity, difference between market value and amount of mortgage balance, and current middle credit score. In the event you qualify for a HELOC, you will pay interest only ont he amount you draw from the Line of Credit, whereas a loan is principle and interest monthly payments for a lump sum. Home Loan Investment Bank, FSB does not offer Lines of Credit, so I recommend contacting a local bank or Credit Union to assist you.

Nov 19th 2010
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Gary Crist (coloradoreversemortgagelender)
#28 ranked lender in Colorado - 38 contributions

Hi Christ, what is your long term goal and do you know how you got yourself in the bind? I am going to have to agree with the other loan guys that attempted to answer your question; you need to talk to several different loan consultants to find what solution works best for your situation. You can call me at 888-546-9927. Don't let anyone get your social security to pull your credit, because if you are shopping around for a loan every time someone pulls your credit your score it WILL go lower.

Nov 19th 2010
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Mick Jewell (mickjewell)
#6 ranked lender in South Carolina - 13 contributions

Are you currently in an FHA loan? You may be able to pull some equity out and lower your 1st mortgage rate at the same time. As the others have stated, their are a lot of variable here that need to be discussed. Let me know if you have some time - matt.hensley@ikonfg.com.

Nov 29th 2010
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