Home equity loans?

[SmithEvo]

I know I keep joking about these with cars, but I really have been looking at getting one for some stuff around the house (finish garage/shop, redo carpets and floors, etc) I haven't talked to anyone about it yet. I'm wondering who has dealt with them before.

My house appraised at 120,000 (roughly), and I owe nothing on it (no loan). The one problem I forsee myself having is a couple years ago I made some bad decisions with money, and I dont have real great credit. Part of the home equity loan would go to paying off the last of the bills I have. Anybody know of someone that deals with these with bad credit types?

[RayK]

I would visit 2-3 of your local banks, talk to a loan officer and lay your cards on the table. See what terms and rates you would qualify for. Then decide if you want to go ahead. Otherwise, get a second job until your bills are paid off. Put together a budget so you know exactly where your money is going and many times, you will cut your spending when you see where the money is being spent.

[Bmikkalson]

WOW RAYK that hood looks amazing! How did it fit the car?


HI JACK THREAD!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[HTMtrSprt]

Call Brian Enochs at R&E mortgage. He can set you up with the proper loan

763-433-3200

Bart

[SmithEvo]

I would visit 2-3 of your local banks, talk to a loan officer and lay your cards on the table. See what terms and rates you would qualify for. Then decide if you want to go ahead. Otherwise, get a second job until your bills are paid off. Put together a budget so you know exactly where your money is going and many times, you will cut your spending when you see where the money is being spent.

I've already got the budget and everything laid out. I'm doing fine now, and have 99% of all the debt paid off... the last thing is a biggie though, and it would be nice to just have it all gone. As well as my house finished.

Unfortunantly, 2nd job isnt an option, I work retail hours I've looked, and in my small town, there's nothing that I could do.

[jnk111]

I would think that if your house is paid for and if you are borrowing a small amount of the value of your home you should be OK. You may pay a higher intrest rate though. Just about anyone can get a loan depending on the equity that will be on the loan. You could try "countrywide full spectrum" lending, that is who my wife and I went through. I had a low credit rating due to debt to income ratio, no late payments. Also by getting the loan you would be rebuilding your credit. After we paid off my debt my credit rating increased by over 100 points immediatley.

[RayK]

I've already got the budget and everything laid out. I'm doing fine now, and have 99% of all the debt paid off... the last thing is a biggie though, and it would be nice to just have it all gone. As well as my house finished.

Unfortunantly, 2nd job isnt an option, I work retail hours I've looked, and in my small town, there's nothing that I could do.

Bart had a good suggestion. You could also try E-Loan. Friend of mine got his mortgage through them. Having a small loan to fix up the place and repair the credit would be good, but having a place that no one can take away is also good. Basically I hate debt.

[mnstang]

so you're taking out a loan, to payoff bills you have? why not just payoff the bills and not take out a loan?

[SmithEvo]

so you're taking out a loan, to payoff bills you have? why not just payoff the bills and not take out a loan?

No, about 95% of it will be to fix up the house. But I figure if I'm getting the loan, I might as well get a couple extra thousand and finish the paying of the bills.

Ray... I agree with the debt thing. I hate debt. However, I would like to sell the house next summer, but with what needs to be done to make some money out of the house, I wouldn't have enough income from my job to do it all before we sell.

[RayK]

WOW RAYK that hood looks amazing! How did it fit the car?


HI JACK THREAD!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Not a little biased are you?

Paint matches the car and it fit's pretty good. Fitment is typical fibreglass hood. Just don't look closer then 10 ft.

[SmithEvo]

hmmm well I guess I'm gonna hit up some banks monday

[SDK]

hmmm well I guess I'm gonna hit up some banks monday

If you truly have that kind of equity I would sauggest buying some more property. My wife and I can show you how. If you can handle collecting rent from some people you can enjoy all the write offs off having multilpe homes. It is a good way to success and you have the equity to get started just PM me if you want somemore info. I'm straight up and I will tell you how you win and how I make money on the deal to. PM if you like

[SmithEvo]

yea, but would that work with me being in SoDak?

[2 beer]

If you truly have that kind of equity I would sauggest buying some more property. My wife and I can show you how. If you can handle collecting rent from some people you can enjoy all the write offs off having multilpe homes. It is a good way to success and you have the equity to get started just PM me if you want somemore info. I'm straight up and I will tell you how you win and how I make money on the deal to. PM if you like

you should have an infomercial

[Michelob]

I know I keep joking about these with cars, but I really have been looking at getting one for some stuff around the house (finish garage/shop, redo carpets and floors, etc) I haven't talked to anyone about it yet. I'm wondering who has dealt with them before.

My house appraised at 120,000 (roughly), and I owe nothing on it (no loan). The one problem I forsee myself having is a couple years ago I made some bad decisions with money, and I dont have real great credit. Part of the home equity loan would go to paying off the last of the bills I have. Anybody know of someone that deals with these with bad credit types?

120k!?! is it a double wide?