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Because lenders are primarily interested in how much home equity you have, getting a home equity loan when you have flawed credit can be easier than obtaining other types of consumer loans. Home equity loans can be repaid over as long as 15-30 years, far longer than many other types of consumer loans.
Any advice where to apply for loan to pull out equity on. – · What you are seeking is not an equity loan, but merely an original mortgage. And I completely understand why you have been having trouble finding a lender if you are only looking to borrow a small amount of money combined with your poor credit. Banks like to make their loans worth while to them so seek borrowers to need at least $50-60k.
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Home Equity Loans | Get a Home Equity Loan or HELOC. – Our Home Equity Line of Credit (HELOC) can be a great solution if you aren’t sure how much money you need to borrow for upcoming projects, or if you want to consolidate debt. And as you draw the funds you need, you’ll only pay interest on the amount you’ve advanced, rather than the full amount of the loan.
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