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You can apply for a home equity line of credit to borrow money and pay off debts. There are usually flexible payment plans ranging from paying off the monthly interest to larger payments of your choice.
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∙ 12y ago
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How long does it take to get home equity after bankruptcy paid off loans and you have bad credit?
The time it takes to get home equity paid off after bankruptcy and bad credit will vary depending on how bad the credit score. It will also depend on which lawyer and banks are involved.
Can home equity be used to pay off bad credit?
A home equity line of credit can be taken out and used to pay off anything you need. However, if the borrower cannot pay it back, they could end up worse then they started.
Can you use a home equity line of credit to pay off credit card bills?
Yes, you can.
Can you take out a home equity line of credit when there is a lien on your home?
The lender will require that the lien be paid off.
Is it possible to get a home equity loan while paying chapter 13?
No you can not get a home equity line of credit but you can refinance and pay off the chapter 13 with the new mortgage.
How does one determine their home equity line of credit?
Different lenders use different methods to determine the home equity line of credit. However generally it is a multiple of salary. Overall it is an assessment of ability to pay off the loan.
What happens when paying off an equity line of credit?
Nothing happens when you pay of an equity line of credit. The equity that you used for your line of credit is now safe.
What are possible uses for a home equity line of credit or loan?
A home equity loan allows you to borrow money using your homes equity as collateral. Once you have the loan it can be used for anything, paying off credit card debt, school loans, car loans, or home improvement projects are all common uses.
Can you get a home equity loan on a house that is paid off without a job?
Yes you can, depending on your debt and credit score.
Can student loan money be used to pay off your parents' high interest not-education-associated credit card debts?
Many times the money for a student loan is transfered directly from the lender to the University. Therefore you would be unable to do this. If your parents have high interest credit cards, the best thing to do would be to refinance your home or get a home equity loan. These are available to many people even if they have bad credit, they just have to have equity in the home. Another option would be for them to goto a credit consoling agency. They may be able to help them pay off their credit cards or get the rate reduced or payments combined. Henry
If you have good credit what is the lowest rate you can get on a Home Equity Refinance loan?
The rate of a Home Equity Refinance loan depends on what exactly your credit score is, and also factors in the amount of time that you can pay it off. The only way you can find out is to consult a professional with those figures.
Can you use a home equity loan to pay off your existing mortgage?
Equity is the value of your home less the amount owed on the mortgage. A home equity loan is a loan secured by the equity in your home. Your lender will use an assessment to decide your home's value and the amount of equity available to abstract. If the available equity exceeds your mortgage balance, you can use an equity loan to pay off your mortgage. If your mortgage exceeds the available equity you cannot use the equity to pay off your existing mortgage.
