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What Are Your Home Equity Options When You Have Poor Credit?
What Do Lenders Look For in Home Equity Applications?
If you're facing financial strain in your life, a home equity loan might be the answer to your credit issues. Not only does settling your high-interest debt with a low rate home equity loan cut down on your liability, but it diversifies your credit mix and can improve your credit score to boot.
While you may face higher interest rates and lower loan limits with a damaged credit profile, it doesn't necessarily preclude you from obtaining financing. In most cases, home equity loans and HELOCs will still prove to be significantly cheaper than alternative sources of financing and many lenders are willing to be flexible for a borrower with a lot of equity in their home.
All hope is not lost if your credit has taken a hit, you'll need to be aware of the following criteria however.
Debt to Income Ratio
Your debt-to-income ratio is based on the amount you owe vs how much you earn and is an indication of your ability to repay your debts. Most lenders will look for a ratio of no more than 40%, although certain lenders have some flexibility around that figure.
Loan to Value Ratio
Your loan-to-value ratio measures the amount currently owed on your ... more

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