A bad credit home equity loan is a viable solution if your credit is not so good, yet you would like to
make home improvements, lower your monthly bill payments or tap into the equity in your home for any reason.
The amount that you can borrow for a bad credit home equity loan will depend on the difference between the value of your
home and the amount of money you currently owe on any existing mortgage loans.
Not all lenders offer bad credit home equity loans. The lenders that do offer bad credit home equity loans will likely charge
a higher interest rate than they would to borrowers with excellent credit.
However, just because the interest rate will likely be higher for a bad credit home equity loan, that doesn't mean you should not consider one as a viable financing solution.
Even if the interest rate for a bad credit home equity loan is in the low teens, it is still better than paying 21% on some credit cards.
Also remember that the interest costs on a bad credit home equity loan may be tax deductible (you can't say that about credit card interest costs).
Consult with a lending profesional to see if they offer bad credit home equity loans and ask if this is the solution you need based on your credit.
Don't be afraid to discuss options with a lender -- you credit may not be as bad as you think and the interest rate you would have to pay may not be as high as you think.
LowerMyBills offers a service that can help you get a home equity loan.
Click Home Equity Loans to learn more.