I own my home and have a lot of equity about 160,000 even in this housing market will my bank give me a loan?

Question

I am up to date on my mortgage but do have bad credit and would like to pay off bills.Wouldn't they give it to me with my home as collarterol? Or any bank with not too high in interest?I wanted to get between 20,000 and 30,000 dollars.

Answer 1

You can try to refinance your house with FHA loan, I don't know your credit situation and how bad it really is, but if you want to pay some debt on your credit report- you should not have any problem.

Answer 2

It's also have other factor like your income etc try out this Loan company.  They have lowest fee and rate.

http://www.amerisave.com/partner/chongth...

Answer 3

You can get a home equity loan.  They are loaning more against the house than against you.  They will be glad that you have equity.  It will be an adjustable rate loan.  It will have the right to go up to 12% in 5 years.

Answer 4

You are likely going to have to re-fiance the whole thing.  Most banks have severely tightened up on home improvement loans, and cash outs.

If you finance the whole thing again - expect to get market plus rates.  As you have indicated you have credit issues, you are in just a little better spot than you were when you bought the property (because you have equity), but are worse off because of the bad payment history.

I would recommend you try to do something about the bad credit before you try for a new loan.

Answer 5

That shouldn't be a problem at all as long as you qualify for it based on income, credit, etc.  They take into consideration you are using it to pay off debts, in fact, they can condition it, meaning yes they will give you the loan but you must pay off AND CLOSE those debts.

Go to a mortgage broker since they have access to many lenders at one time.

Answer 6

You can get a loan from the banks if you want to make use of your house as a collateral and your mortgage history too with such amout you want, but i don't advise that because most of the banks tend to gain more and you be at the loss, why don't you take up that amout from a private lender without putting down any collateral, they give out unsecured loans at low interest rate far better than the banks my dear, i have made use of alexfinanceloans before and there interest rate is okay i feel, here is there direct email link ([e-mail])

Answer 7

I had some credit issues due to my ex-husband, but wanted to take out some of the equity and do remodeling of my home.  It was a long process and my interest rate is a bit high, but I was able to secure a loan.  However, I had to refinance the entire house in order to get the equity out.

You may have to do the same.  Rather than add another bill to your ledger, you may be better off refinancing and taking out some of the equity to pay off bills.

I just contacted Lending Tree.