Getting a Home Equity Loan When You Have Credit Problems

Can you get a home equity loan when you have creditKeep in mind that there are two different types of
problems? Yes. And you can get relatively low rates ifhome equity loans. Long term loans with either fixed or
you are a smart shopper. Subprime home equity loanadjustable rates are often called second mortgages.
rates are just a couple of points above the averageThese secure loans will have cheaper rates, but they
prime rate of 7.65% in May 2007. You may even findmay be more expensive with their long terms.
that despite your credit problems, you can still qualifyHome equity line of credit, also called HELOC, always
for prime rates.have adjustable rates with terms around five years.
Credit Problems And Home Equity RatesThese loans are the easiest to qualify for. And since
Credit problems don't necessarily bump you intothey give you an open line of credit, you can borrow
subprime loan status. Even with a bankruptcy oras you need to. So you only pay interest on the
foreclosure on your credit report, you may be eligibleamount you have used.
for prime rates if it's been at least three years.Lower Home Equity Rates
Each lending company has their own criteria forLending companies want to do business with you,
determining home equity loan rates. Your credit scoreeven with your credit problems. They are competing
is part of the decision process, but so is your income,for you business with lower rates and fees on all their
length of employment, and the pecent of home equityloan products. So do some comparison shopping to
you have built up. So some lenders might offer youfind the best deal for your credit situation. With most
prime rates, while others will quote you a subprime loanlenders online, you can have loan quotes emailed to
rate.you in a matter of minutes.
Types of Home Equity Loans