Need A home Equity loan [home equity loan] [mortgage payment]

Hello All
I am in need of a home equity loan. The amount I need is 50k
My scores are low 586-555 558
MY-ONLY line of credit is my mortgage payment 3K per month in 36-NO Lates MONTHS
I have a good employment history, now 8 years with the same company.
Income is 101k per year.
The only company to respond to my credit application, is a company called HFC Beneficial.
Here the Provisional terms.
50k loan for 15 years. fixed rate at 9.64% $
560,00 per month for 180 months == $ 100800.00
Due not with an existing credit lines, no charge cards or car loans is down this attitude of my scores?
The offer I got so seems high. I can with the payments but pay interest on a loan of 50k 50k?
My property is estimated between $ 400,000 and $ 420,000. My balance is $ 355,000 not so much equity.
Please any thoughts or suggestions. Should I shop for a better deal?
I have the funds in 3 weeks. Thanks in advance.
guy

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Best Answer: Mortgage Loan Tips.
You have two choices – a home loan as a lump sum payment that you pay back at a fixed interest rate; and a home equity line of credit or HELOC – which has a variable rate, and you take money out as you need it through a credit card or special checks. If you need more home equity loan information you can always ask at your bank.

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Ez Loan Modification Hero — Save Your Home From Foreclosure Now
Reply:
Hi All
I am in need of a home equity loan. The amount I need is 50k
My scores are low 586-555-558
MY ONLY OPEN CREDIT LINE IS MY MORTGAGE PAYMENT 3K PER MONTH- NO LATES IN 36 MONTHS
I have a good employment history currently 8 years with same company.
Income is 101k per year.
The only company to respond to my loan application is a company called HFC Beneficial. They are one of the very few who would do this type of financing.
Here are the prelimary terms.
50k loan for 15 years. fixed rate at 9.64% That's pretty good
$560.00 per month for 180 months== $100800.00
Due to not having any existing credit, no charge cards or auto loans ,is this keeping my scores down? What else is on your credit report? Any collections or chargeoffs, bks?
The offer I got seems way high. I can handle the payments but paying over 50k interest on a 50k loan? No one is going to lend you money for free. If you want to pay less interest, make larger payments and pay it off quicker. Pay $600 per month and total interest paid will be 32k.
My property is valued between $400.000 and $420.000. My balance is $355.000 so not much equity.
Please any thoughts or suggestions. Should I shop around for a better deal? You can try, but many banks and credit unions will not do HEL financing with poor credit. Most brokers will not do a second with such a low loan amount. I know of a few wholesalers that could do this loan, but nowhere near what beneficial is quoting.
I need the funds in 3 weeks. Thanks in advance. If you really need the 50k and there's no other way to get it other than an HEL, I would say this is probably the best offer you'll find.
guyThanks, I have some charge offs from 2000. No current lates.
MY MORTGAGE PAYMENT IS ALWAYS ON TIME-36 MONTHS. I am guessing having no revolving credit is hurting my score? Thanks.
guy

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Mortgage Secrets Exposed – Real Estate.
Reply: Hi All
I am in need of a home equity loan. The amount I need is 50k
My scores are low 586-555-558
MY ONLY OPEN CREDIT LINE IS MY MORTGAGE PAYMENT 3K PER MONTH- NO LATES IN 36 MONTHS
I have a good employment history currently 8 years with same company.
Income is 101k per year.
The only company to respond to my loan application is a company called HFC Beneficial. They are one of the very few who would do this type of financing.
Here are the prelimary terms.
50k loan for 15 years. fixed rate at 9.64% That's pretty good
$560.00 per month for 180 months== $100800.00
Due to not having any existing credit, no charge cards or auto loans ,is this keeping my scores down? What else is on your credit report? Any collections or chargeoffs, bks?
The offer I got seems way high. I can handle the payments but paying over 50k interest on a 50k loan? No one is going to lend you money for free. If you want to pay less interest, make larger payments and pay it off quicker. Pay $600 per month and total interest paid will be 32k.
My property is valued between $400.000 and $420.000. My balance is $355.000 so not much equity.
Please any thoughts or suggestions. Should I shop around for a better deal? You can try, but many banks and credit unions will not do HEL financing with poor credit. Most brokers will not do a second with such a low loan amount. I know of a few wholesalers that could do this loan, but nowhere near what beneficial is quoting.
I need the funds in 3 weeks. Thanks in advance. If you really need the 50k and there's no other way to get it other than an HEL, I would say this is probably the best offer you'll find.
guy

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New Line Equity Pre-Foreclosure Acquisition Services
Reply: Hi All
I am in need of a home equity loan. The amount I need is 50k
My scores are low 586-555-558
MY ONLY OPEN CREDIT LINE IS MY MORTGAGE PAYMENT 3K PER MONTH- NO LATES IN 36 MONTHS
I have a good employment history currently 8 years with same company.
Income is 101k per year.
The only company to respond to my loan application is a company called HFC Beneficial.
Here are the prelimary terms.
50k loan for 15 years. fixed rate at 9.64%
$560.00 per month for 180 months== $100800.00
Due to not having any existing credit, no charge cards or auto loans ,is this keeping my scores down?
The offer I got seems way high. I can handle the payments but paying over 50k interest on a 50k loan?
My property is valued between $400.000 and $420.000. My balance is $355.000 so not much equity.
Please any thoughts or suggestions. Should I shop around for a better deal?
I need the funds in 3 weeks. Thanks in advance.
guy
NOt sure what a good mortgage broker can do for you, but here is my opinion – With a $50k loan that would put your LTV above 100% on the low end appraisal amt and around 96% loan/value on the high end of your appraisal. Now it just looks like a matter of numbers. I think with those scores, it is going to be hard to qualify for that much and I don't know if the mortgage company you are talking to is just blowing smoke (but the pros can chime in on that). I know with new loans subprime lenders want at least a 580 midscore to do 100%. If they are able to pull it off, then I wouldn't look at the overall amount of interest, rather look at the reasons why your scores are low. A good hard year or two of credit repair and rebuilding, you could refinance that loan and drop the rate. You not having any revolving credit is hurting your score. Open some tradelines, (crown jewelers will extend you a $1500 tradeline with a $30 purchase). This will boost your score, and then the more and more offers will be available for credit. I know a lot of people don't like credit cards, but it is a necessary evil for credit rebuilding.

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