How It Works
Learn more about your bad credit home equity line here. We’ll explain what it is, who qualifies, and how the sign-up process works.
About the Bad Credit Home Equity Line
A bad credit home equity line is a special form of a home equity line of credit, sometimes called a HELOC. This type of loan is geared toward homeowners with credit scores below a certain level, usually 620. A bad credit home equity line is a loan in which your lender agrees to loan a maximum amount to you within a certain term, and your home serves as the collateral for the loan. A HELOC is different from a home equity loan because it does not come in one, lump-sum amount. Rather, you use the bad credit home equity line to borrow sums that do not exceed the total loan amount, much like a credit card. Upon closing, you will be assigned a credit limit that represents the maximum amount you can borrow with your bad credit home equity line. You will pay back only what you borrow plus interest. Please visit our bad credit home equity line facts for more information.
Good Candidates for a Bad Credit Home Equity Line
You might be wondering if you are a good candidate for a bad credit home equity line. Typically, candidates for a bad credit home equity line:
- Have FICO scores of 620 or lower
- Are struggling to cover monthly living expenses
- Have two or more 30-day mortgage delinquencies in the past year
- Have one 60-day mortgage delinquency in the past two years
Signing up for Bad Credit Home Equity Line Quotes
You can get free quotes on a bad credit home equity line in minutes on our site. Here is how the process works:
- Complete our online form. You will first need to fill out our short, online sign-up form. The form will ask you for some basic contact information and should only take a few minutes to fill out. The form is free and comes with no obligation.
- We instantly supply you with a minimum of four quotes. Immediately, we will provide you with up to five free quotes on a bad credit home equity line. You will see these quotes side-by-side and in easy-to-understand terms.
- Apply with the lender of your choice or save your quotes for later. If you see a quote that fits your needs, you can then apply for the loan with the lender that offers it. Alternatively, you may save your bad credit home equity line quotes and return later.
