Can I get debt consolidation equity loan to payoff debts?

Hi nikole-Due to the mortgage industry issues right now, lenders are tightening on their standards including credit scores. Do you have equity in your home?

Nik-
I depends on what you mean by 'score isnt good'. If you are above 650, you still should be OK providing you have decent income.

If you are under 650, you may have a challenge, but as long as you total debt to income ratio (total income divided by total monthly debts, including HE loan) is under 35%, you will find a lender to help you. But make sure you shop around. You want no closing, no prepayment penalty (so you can refinance when your credit score gets better).

Check out bank rate.com for some great info and some lenders. Also get a copy of your credit report from freeannualcreditreport.com and see exactly what your score is (for a fee) and what is on your bureau.
Let me know if you need any more help.

Good Luck

Vancini
Email removed for your safety..Bossy4455

Quote:

What would it take to qualify for a debt consolidation equity loan? How the loan amount would be determined?

i would first like to say that i think that its a bad idea to consolidate your unsecured loan up into secured through your home if you get into trouble later you could loose your home and the way things are now the worst thing they could possibly do is take you to court for a judgement. they cant take anything from you. with that being said and your still interested. I know my bank wont even consider you if you dont have a score of 640 or higher no matter what your debt to income ratio is. for example we wanted to refinance our home 2 years ago, to make the payments cheaper at the time we were paying 550 a month and to redo it and reextend it out the origional 15 years again would take my payment down to 350. they wouldnt do it cause of our score. now common sense says if we are currently paying 550 obvoiusly we could pay the 350. but that doesnt matter all that matters is the score.

with that being said we did search around and actually found a better deal last year with a better rate and everything that also put our taxes and insurance in escrow so we no longer have to pay those things throught the year. BUT with the way the lending industry is right now it was a complete pain in the a$$. we jumped through hoop after hoop and the laws and rules changed so quickly and so frequently it took us 7 months for it to go through and this seems to be the normal right now so you must be patient and be willing to do what ever it is they want you to do.

Now the amount you get will be based on a % of what your home is worth and what your debt to income ratio is. be prepaired to have to invest some money in your home because that seemed to be the thing at our home. they saw things here and there they didnt like and made me fix before they would ok it. hope that all helps