May
1
What are the alternatives after being denied a HELOC / Home Equity Loan from a Sub prime Lender?
Filed Under mortgage
mrclam1212 asked:
Lets assume that you were denied for cashflow concerns or poor credit and that you had roughly 50K in equity in the home and you needed a loan for around 5-10K. In addition what type of rates would these alternatives charge? The reason I ask is bc I understand that sub prime lenders denied loan applicants at a higher rate (deny a larger % of applicants) than prime lenders.
Scented Floating Candles
Lets assume that you were denied for cashflow concerns or poor credit and that you had roughly 50K in equity in the home and you needed a loan for around 5-10K. In addition what type of rates would these alternatives charge? The reason I ask is bc I understand that sub prime lenders denied loan applicants at a higher rate (deny a larger % of applicants) than prime lenders.
Scented Floating Candles
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Did you go through a mortgage broker or straight to a company. If you go through a broker they usually work with a 100 lenders or so and can usually find you a program that will work. I’m a loan officer if you want me to look into it send me an email.
For loan no matter how much equity you dont have they will normally need to payoff the first loan that small personal loan to.