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Bad Credit Home Equity Loans

Homeowners with bad credit continue to come to Smart Home Equity when they need a home equity loan but they have bad credit. We remain an online authority for home equity loan solutions for borrowers with poor credit scores.

Our bad credit equity loans allow borrowers to consolidate bills and lower the monthly payments with a fixed interest rate. Our sub-prime home equity loans are great for reducing high rate interest and saving money.

When Should I Refinance and Get a Home Equity Loan if I Have Low Credit Scores?

If you have low credit scores, the answer to the question of when to refinance your mortgage depends on your circumstances. If you plan to refinance, the first thing you should do is to first get a copy of your credit report from each of the three credit reporting agencies: Experian, Equifax and Trans Union. You may find that errors may be contributing to your low scores, and correcting them could raise your scores enough to get a better rate.

After correcting your credit report, go to myfico.com/12 to get your current scores and all 12 negative reasons lenders see. This will help you determine where you stand and what you can do to start improving your scores. This information will also help you negotiate a loan with a mortgage lender.

If your first mortgage has good interest rates and terms, and you still have BAD credit, a mortgage refinance would probably not be in your best interest. You should instead consider a bad credit home equity loan (second mortgage) because a poor credit refinance will raise your interest rates above what you are currently paying, and cost you a lot more than a sub-prime second mortgage. Non-conforming loans, like bad credit mortgage refinancing and sub-prime 2nd mortgages, always carry higher interest rates because there is more risk to the lender.

Finding a home equity mortgage lender that works with non-prime credit isn't as difficult as you might think. Just get on the Internet and run a search for "bad credit 2nd mortgage" or similar terms. Once you get your loan, pay off your debts and don't use the cards, so you don't get further into debt. But, keep the credit accounts open because length of credit history, the size of debt in relationship to your available credit and what different types of credit you have are three major factors in determining your score. Closing your accounts will make your credit history appear shorter, reduce the different types of credit you have and eliminate those credit limits you worked so hard to get, and this will lower your scores.

Keep paying your new loan and other bills on time. According to Fair Isaac and Company, by paying your bills on time for 6 months you could raise your FICO almost 20 points. Within about 2 years, your scores should be high enough to qualify for a refinance at much lower rates and much better terms.


	Additional Home Equity Options from Smart Home Equity
	Home Equity Loans Cash out equity loans for debt consolidation	Second Mortgage Refinance Pay off your HELOC or adjustable 2nd.
	Home Equity Credit Line Revolving credit that can be accessed as cash against home equity.	Interest Only Home Equity Stated income home equity loans that require little or no income documentation
	Home Equity Loan Refinance Home equity loan refinancing with fixed rate terms.	Bad Credit Home Equity Lines Get cash for debt relief and consolidation even if your credit scores are bad.
	Home Equity 125% Refinance Refinance credit cards and adjustable rate loans with no equity needed.	Debt Consolidation Loans Consolidate bills and lower your monthly payments and save!

Co-borrower's FICO ignored - sub-500 and no FICO allowed
Rolling 30, 60 & 90 day Mortgage lates allowed
Consumer Credit Counseling dismissed
Chapter 13 Bankruptcy OK
12 months bank statements = full doc; NSF's allowed

Fixed Payment Home Equity Loans
Utilize your home equity! Sub-Prime Equity Loans No Doc Home Equity Loans	Most homeowners are getting wise to adjustable rates, but if you have put off consolidating your credit cards or variable line of credit, take a minute and discuss a fixed payment home equity loan that could save you quite a bit of cash over the years. Cash Back Equity Loans 100% Home Equity Loans
Home Improvement Loans
Finance Home Remodels Pool Construction Loans	Homeowners should stop using their credit cards to finance home improvements because the interest rates for fixed rate home equity loans are much lower & they will be able to borrow more to get their projects done right the 1st time.

Smart Home Equity, 1-877-294-2134
44 Mine Road, Suite 3, Stafford, Virginia 22554