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Can I get a home equity loan with bad credit?

My credit score is somewhere around 580, although I may be able to raise it a bit before applying for the actual loan. by CEastw_479_634 from Edmonds, Washington. Sep 11th 2012 Reply


Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

Try with your local bank that you currently have accounts with. That is your best bet. Good Luck!

Sep 11th 2012
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Travis Torcoletti (travis.torcoletti)
#0 ranked lender in South Carolina - 372 contributions

If you are going to be able to your best option would be at the local bank or Credit Union where you have existing accounts. 580 is pretty tough though.

Sep 11th 2012
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,828 contributions

Unfortunately the answer is probably not. The exception would be if you currently own the property free and clear. If there is already a loan on the property, then the new loan would be in second position behind the current first mortgage. This means that if the first goes into foreclosure, the new bank will have to take over the payments on the first in order to protect their investment. If you have a poor payment history in general, it is doubtful that the new bank would be interested in taking on that additional risk. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

Sep 11th 2012
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Paul McFadden (paul.mcfaddenmortgages@gmail.com)
#42 ranked lender in Washington - 45 contributions

Not sure. The best home equity choices are your local bank. They charge next to nothing to do these. I would check there. Good luck!

Sep 11th 2012
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Rob Ziebart (rziebart)
#92 ranked lender in Florida - 6 contributions

Do you own it free an clear? If so there are options for you, call me at 352-875-6907.

Sep 11th 2012
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