Frequently Asked Questions about the Bad Credit Home Equity Line
Here are the answers to the most commonly asked questions about the bad credit home equity line.
What is a bad credit home equity line?
A bad credit home equity line is a loan secured against your home that is designed specifically for people with credit scores of 620 or lower. A bad credit home equity line is a loan in which your lender agrees to lend you up to a certain amount over a specific term. You then use the bad credit home equity line to borrow sums that cannot exceed the total amount of the loan. A bad credit home equity line works much like a credit card. You will only pay back what you borrow plus interest. Usually, a bad credit home equity line will come with a minimum monthly payment on what you borrow. With many lenders, the minimum payment is “interest only,” or just the interest on the loan’s balance. When the draw period ends, you will have to pay the balance of what you borrowed in full if you have not paid down the principal over time.
How can I get quotes on a bad credit home equity line?
You can get up to five free quotes on a bad credit home equity line by filling out our online form. The form will ask you for some basic contact information and will only take a couple of minutes to complete. As soon as we have your information, we will present you with a minimum of four quotes on a bad credit home equity line from certified local, regional, and national lenders. You will see these quotes side-by-side to help you compare them easily. We also present our quotes in plain, straightforward terms to help you compare apples-to-apples. If you see a bad credit home equity line that meets your needs, you can then apply for it on the lender’s website. You can also save your quotes to review later.
Are you a lender?
No, we are not a lender, and we do not offer home equity lines of credit. We are a free service that matches our visitors with certified lenders that specialize in offering bad credit home equity lines. We can provide you with quotes on a bad credit home equity line for free and without any obligation.
Am I a candidate for a bad credit home equity line?
Generally, a good rule of thumb to determine if you are a candidate for a bad credit home equity line is if your FICO score is 620 or lower. You may also fall into the bad credit category if you have two or more 30-day mortgage delinquencies in the past 12 months or one or more 60-day mortgage delinquencies in the past 24 months. Finally, you may also be a candidate for a bad credit home equity line if you have having trouble keeping up with your family’s monthly living expenses. Learn how to improve your attractiveness as an applicant on the next page.