Getting a Bad Credit Home Equity Loan Penfield NY

While getting a home equity loan in Penfield with bad credit is not always easy there are lenders that specialize in doing this type of loan. These bad credit lenders are more interested in your ability to pay back the loan then anything else. A bad credit score works against you but does not keep you from getting the loan you need.

Local Companies

Citizens Bank - Panorama Plaza
585-586-1231
715 Panorama Trail
Rochester, NY
Garey Associates
(716)266-0438
421 Long Acre Road
Rochester, NY
Territory Mortgage Inc
(585)247-4610
2765 Buffalo Road
ROCHESTER, NY
Fleet Private Clients Group
(716)546-9310
1 East Ave
ROCHESTER, NY
Esl Federal Credit Union
(585) 336-1122
225 Chestnut St
Rochester, NY
HSBC Bank
1.800.975.HSBC (4722)
Along Erie Canal 184 South Union St
Spencerport, NY
Frank E Luellen Agency Inc
(716)325-7960
189 N Water St
Rochester, NY
Mr. Gregory Lee Schaffer (RFC®), CFP
585-621-3300
3205 Mount Read Blvd.
Rochester, NY
National City Mortgage
(716)389-6182
190 Linden Oaks Drive
ROCHESTER, NY
All Fund Mortgage
(585)235-1303
1250 Scottsville Road
ROCHESTER, NY
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Getting a Bad Credit Home Equity Loan

Author: Andrew Bicknell

While getting a home equity loan with bad credit is not always easy there are lenders that specialize in doing this type of loan. These bad credit lenders are more interested in your ability to pay back the loan then anything else. A bad credit score works against you but does not keep you from getting the loan you need. By using the Fico Method a bad credit lender is able to evaluate your ability to pay back the loan.

You will need a fico score of 500 or higher before a lender will start the home equity loan process. If you do not meet this requirement it is best to talk with a bank loan officer who will evaluate your bad credit problem. The terms of a bad credit loan will depend on your credit history and the reasons you currently have a low fico score.

While your options may be less then those with a better credit score having bad credit does not mean that your will not be able to negotiate terms that will work for you. The lenders who specialize in bad credit home equity loans will work with you to give you the best loan terms they can depending on your circumstances. They are there to help and will give you good service.

Be sure to look at more then one lender as this will give you a better chance of finding the best deal. Signing up with the first lender your try is not a good idea. The first lender may have the best deal for you but you will never know if you don’t shop around. Also be careful hen it comes to the collateral you offer for the loan. Remember, if you default on the loan not only will you lose your house but anything else you have put up as collateral. Make sure to study all the offers made and choose the one that works best for you. Now is not the time to enter into another loan that could turn into a bad debt which will further diminish your credit score.

Finding and applying for a bad credit home equity loan is easier these days then in the past. By using the internet you can research all your options and even apply for loans right online. You may even find out the same day if you have been approved or not.

Getting a bad credit home equity loan is a good way to start building your credit score back up, but it pays to be careful. The internet is a great way to find out everything you need to start on the road to credit recovery.


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To learn more about the getting a bad credit home equity loan please visit the website Home-Equity-Loans.

Article Source: http://www.articlesbase.com/mortgage-articles/getting-a-bad-credit-home-equity-loan-931546.html

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