HEY i have heard that if you are looking to get a equity loan on a property there is no credit checks and your credit has not one thing to do with getting the loan
Is this true or not ?
As i have all so heard it has a big part in the loan ?
As well any one know of a good nationwide equity loan company that is fast and good ?
Your credit score plays the largest part in getting a home equity loan. It determines, first if you even meet minimum credit score guidelines for the program. Secondly, it determines the interest rate if you qualify. Your debt to income ratio will also be subject to analysis must meet the lenders guidelines to qualify. It is also very difficult to find a lender that will take second position on a loan in today’s market.
Thank you for the response
If the loan were not a 2nd but would be a first would this change anything ?
As the home is worth 83 k and was looking for a 40 to 50 K equity loan on it
Would pay off the 30 K loan on it now so would make the equity loan a 1 st as well do some clean up and paint so home could be sold
It all would be more like a refi when done i guess
Property was given in a will back last year in Sept
Your credit will matter somewhat depending upon your lenders criteria. At that LTV credit will matter less.