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Bad Credit Home Equity Loans

Homeowners with credit problems continue to come to Smart Home Equity when they need a home equity loan but they have bad credit. We remain an online authority that provides info in regards to loan solutions for borrowers with poor credit scores. We provide several options on bad credit home equity loans. If you recently had a bankruptcy or foreclosure, there still may be hope in qualifying for one our loan programs that are designed for people with low credit scores. Have you had trouble finding a home equity loan with bad credit? S.H.E. can refer you to lenders that take more risks than traditional banks and mortgage companies.

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

No Cost Home Equity Loan Quote

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 equity loan 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 poor credit score, a bad credit 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.

  • Co-borrower's FICO ignored - sub-500 and no FICO allowed
  • Rolling 30, 60 & 90 day mortgage late payments allowed
  • Consumer Credit Counseling dismissed
  • Chapter 13 Bankruptcy OK
  • 12 months bank statements = full doc; NSF's allowed
Additional Loan Options from Smart Home Equity
Home Equity Credit Line
Get quick access to a cash line of credit secured by your home.
Interest Only Home Equity
Pay interest only on the funds you access.
Home Equity Loan Refinance
Lock into a lower rate and refinance into a fixed rate equity loan now.
Bad Credit Home Equity Lines
Get cash for debt relief and consolidate high interest credit.
Fixed Payment Home Equity Loans

Utilize your home equity!
Sub-Prime Equity Loans
Bad Credit Mortgages
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.

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Home equity loans bad credit are subject to lender & underwriter approval.
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