Equity Home Loans

Home Equity Loan; Where to go? fair credit - only 580 credit score?

I have a home with aprox. $200k equity and I want to take a loan. Where can I go where they would search for a lender. Last year I went to my credit union and they denied the loan due to my recent fair credit. (I did the regretable mistake of cosigning for a family member and didn't know they stopped paying on a loan until it was too late) I don't want to refinance, I have a good 15 yr loan (fixed 5.2 with only 10 yrs left). thanks thanks

Public Comments

1. Don't do it. You put that money on your home and something happens and you can't make the payments they are gonna take you home.
2. All I can say is please be very careful. Most all of the lenders that will post here are scams, I have already reported one and it was removed. With the amount of equity you have I would think finding a decent lender would not be that hard.
3. Resist temptation - the home equity loans and lines of credit may sound like a good idea, but in the longrun they hurt your credit. Besides - the way the home values are going right now, you don't want to touch the equity as your home may lose value and that will harm you also. Most of the HELOC loans are variable rates which are NO GOOD, especially with the economy the way it is now. One defaulted co-signed loan isn't going to harm your credit so much as to drag your score down to 580 - you must have other credit issues. Better to leave your equity alone and work on cleaning up your credit report instead of shooting yourself in the foot with a home equity loan at this time.
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