Profile picture for janvalencia

We paid cash for our house and would like an equity loan but have bad credit. Is it possible?

We would love to update and repair our home and have no mortage.  We paid cash for the house and own it out right.  We want to take a loan on the house to make these repairs/updates.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 16 2011 - Las Vegas
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (5)

Possible? Yes. Assuming its possible, you will probably pay a correspondingly higher rate to secure it based on how bad your credit is. You are probably best to talk to an independent mortgage broker.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 20 2011
It is definitely possible.  As stated on here by others that due to the credit problems the rate and fees may be a little pricey.  My advice to you is to contact an independent Mortgage Broker who has access to funds the banks don't have.  A good mortgage professional will put you on the right road to not only get the cash you need now but to take care of your credit issues at the same time as well.  As for the LTV (loan to value) problem, I wouldn't worry about that too much as most of these types of lenders will go to 65% of the value of your property with no problems.  Be careful of the terms of these types of mortgages and be sure that you understand everything before signing on the dotted line!

Good luck!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 20 2011
Yes, it is possible.

There are some lenders who are able to send your application to multiple sources.

They may require more down - or cash to loan ratio, but there are options.

Do not give up just because 1 person turns you down.

[website removed by Zillow moderator]
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 20 2011
There is a very good possibility you can receive some type of HELOC (Home Equity Line of Credit) or a straight re-finance. 
The biggest issue is going to be your LTV (Loan to Value) ratio and just how bad your credit is.
Keep in mind, many private lenders will loan you money at higher than normal rates due to your credit. These types of loans do not always make sense.
Advise; Ask your trusted friends and family about lenders they would recommend and start interviewing. Not all lenders / banks have the same programs and lending guidelines. Once you have found a lender you are comfortable with, move forward, always review all the paperwork and terms to make sure you are getting what you were promised.
Good luck and congratulations on your home!!!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 16 2011
It is possible but the interest rate will be much higher as the lenders will consider you loan a higher risk.  It may be advisable to work on repairing your credit first.  There are legitimate credit repair firms out there but be careful of the predators and good luck.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 16 2011
 
Related Questions
title change and loan
Profile picture for Geoffrey Zahler
Latest answer by Geoffrey Zahler
June 06 | 1 answers
HOw do I add a second home to my homes?
Profile picture for Geoffrey Zahler
Latest answer by Geoffrey Zahler
June 04 | 1 answers
How do I update building info on zillow? I added an enclosed sunroom & covered patio
Profile picture for Robert Morganti
Latest answer by Robert Morganti
February 19 | 2 answers
what happens with the security deposit from tenants when contract with property manager gets cancel?
Profile picture for Jared  Jones
Latest answer by Jared Jones
October 25 2013 | 2 answers
What should I do if I recieved an NOD?
Profile picture for wetdawgs
Latest answer by wetdawgs
July 09 2013 | 2 answers
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. (undisclosed Address), Las Vegas, NV Home For Sale
    (undisclosed Address), Las Vegas, NV 89134

     For Sale: $495,000

    • Beds: 3
    • Sqft: 2819
    • Baths: 3.0
    • Lot: 7840
  2. (undisclosed Address), Henderson, NV Home For Sale
    (undisclosed Address), Henderson, NV 89052

     For Sale: $419,000

    • Beds: 4
    • Sqft: 2635
    • Baths: 3.0
    • Lot: --
  3. 5330 E Charleston Bl 43 # 43, Las Vegas, NV Home For Sale
    5330 E Charleston Bl 43 # 43, Las Vegas, NV 89142

     For Sale: $83,500

    • Beds: 2
    • Sqft: 1103
    • Baths: 3.0
    • Lot: 3049