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and fix anything that is incorrect or outdated if you haven’t already done so. Things become outdated after 7 to 8 years.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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November 13th, 2008 at 4:50 pm
If you own the house, which is sounds like you do, have you considered a home equity loan? A link with some good information on home equity loans can be found below, good luck!
References :
http://www.loanbiz.com/home-equity-loans/home-equity-loan-financing.htm
November 13th, 2008 at 4:53 pm
You should be able to do this, but you will pay a very high interest rate.
References :
November 13th, 2008 at 4:57 pm
right now you probably will not be successful. to get a loan in todays market you need:
1. perfect credit
2. perfect job history
3. excellent payment to income ratio
the good news– within the next six months credit will, hopefully, open up a little. your problem is your ability to repay the loan with your low income
References :
November 13th, 2008 at 4:57 pm
Whatever you do, DO NOT use a company called Woodbridge Lending Services. This is a scam and many people have be scammed out of thousands of dollars. There website may look professional and when you talk to the people they may seem legit, but take it from someone who learned the hard way. It is a scam. Check out any and every company before you decide to use them. Good luck!
References :
November 13th, 2008 at 4:57 pm
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.
/
References :
November 13th, 2008 at 5:00 pm
Find a private lender. Last time I suggested a resource, someone flagged my answer and Yahoo! removed my response, so I won’t do that again.
But private lenders will, either as a group or individually.
Maybe you even know someone with some money. They can secure their loan with a mortgage on your property. If you don’t repay according to the terms of the mortgage, they can foreclose. That’s the risk you run by borrowing on your house. But I know plenty of investors who’d lend $10,000 or $15,000 on a $75,000 home with no mortgage. The interest rate might be high–say 18% or so, but they’d do it.
An investor can even fund it out of a self-directed IRA. And with the stock market in free fall right now, plenty of investors are looking for better places to put their money. They’d be glad to lend money at 18% secured by an asset worth 6 times the loan amount.
Hope that helps.
References :
November 13th, 2008 at 8:09 pm
If you are a first time borrower of a home equity loan it is imperative that you have a checklist of essential questions that you need to ask each and every lender. The answers to these questions will provide a valuable reference to base your comparisons on. What’s the interest rate? Knowing this is crucial. The interest rate will determinethe monthly payment you will need to make. You also need to know if the interest rate is of a fixed or adjustable nature. Fixed rate implies that the monthly payments will remain constant, while an adjustable rate implies that rates will fluctuate depending on market conditions.
http://www.worldbestloans.com/
In adjustable rate, when will rates change? If your interest rate on the home equity loan is of the adjustable variety, you need to know three things: when the rate is going to change (that is under what conditions), how frequently will the rate change and what’s the average percentage by which the adjustable rate will change. What is the Annual Percentage Rate or APR? The APR on the home equity loan will determine the yearly payment you will need to make towards this.The higher the payment in terms of points, the lower is the interest rate.
References :