Second Mortgage Shop

here's the stats:

611 credit score

$3,400 a month income (but it's under the table and goes up or down sometimes)

my banking deposits are not the same every month, but it always shows that some kind of deposits are made

never paid a bill late

score is lower due to high debt

own my home "free and clear," and it appraised for $570,000 in california about… 3 to 4 months ago…

i want to take out, like less than $160,000.. i need at least $100,000 to pay off all my student loans, car, credit cards, etc. but would like more to get one of my cars fixed and do home improvements (and have a little amount of "back-up" money)..

will i qualify for anything?? and what's better in my situation, a line of credit or an equity loan?? the bank can cut the checks to my creditors and i will close my accounts too (on all of my credit cards, except maybe one or two) so they know i won't be getting back into debt.. what do you guys think??

and what's a good company to
what's a good company to go with??

home equity loan has a fixed rate…and you can only draw once.

heloc…is like a credit card…you can draw the money…pay it back..draw again etc….the rate is variable usually with the PRIME RATE

Home equity line is a line of credit…kinda like a credit card but you are drawing from your mortgage. A home equity loan is a loan where you get that money up front. You need to have equity in your home for both but the line you can draw out of several times where the loan is a one time thing, unless you take out another loan.

It all depends on the interest rate you get. Under no circumstances can you get an ARM loan but if you can get an interest rate the same or lower than your current mortgage rate that's fixed then go ahead & re-fi but STAY AWAY from ARM loans. Also stay away from the line of credit becuase it's too tempting to keep using that money after you pay it down.& most times it's also an adjustable rate. The home equity loan would be your best bet if you don't re-fi because you should be able to get a fixed rate. If you have to get an adjustable rate on the equity loan make sure you have the option to lock the rate at some time in the very near future. Also check into pre-payment penalties. WaMu does give you the option to lock your rate on your equity loan, it's called a FRLO (fixed rate loan option). Good luck with the new car & home improvements.
Be warned though, WaMu customer service sucks, I should know.

If you wait, you will be shut out.

Citibank just announced that they are FREEZING all home equity lines of credits.

Their lending standards just went WAY UP you have to have 65% equity and the bank will send their own appraiser to determine NOT what your house is worth, but how much the appraiser thinks it will sell for.

You snooze, you lose.

my credit score is very low but i own a $75,000 house with no mortgage. i am looking for some kind of loan so i can do major repairs on my house but i keep getting turned down due to my credit. i have been at my job for almost ten years and make around $300.00 a week.

Wow, with a house that is cash you really should not have that much trouble. Amazing how banks are changing so rapidly.

Keep trying, but maybe ask banks for a 5 year mortgage for the amount you need. They don’t advertise this, but banks DO offer short term mortgages, with fixed rates no games.

If you have time go to annualcreditreport.com
and fix anything that is incorrect or outdated if you haven’t already done so. Things become outdated after 7 to 8 years.
Also get one credit card, and pay it in full each and ever month for top notch credit. Carrying a balance reduces credit.

Keep trying, there is no reason you should be getting turned down if your house has no mortgage. If you are asking for 20% value they should be throwing it at you.
Try a credit union.
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