Home Equity Loans After Bankruptcy in California
How To Use A Home Equity Loan
A home equity loan can act much like a credit card but with your home as collateral. The lender issues you a line of credit with checks and a credit card, which you use to make purchases. Each month you receive a statement with your balance, the interest charge, and minimum payment due.
By paying the balance on time for at least six months, you can qualify for an unsecured credit card with many major lenders. In a year or two, you can be eligible for almost any sub prime loan. With two years of growing your savings, maintaining low debt levels, and paying bills on time, you can have a good credit score.
Lenders also make available second mortgages to those with recent bankruptcies. Subprime lenders give you a lump sum payment which you pay back over five to ten years at adjustable rates.
Where To Apply For A Home Equity Loan
Any lender doing business in California must be licensed by the state. This protects you in part from fraudulent and predator lenders. The majority of national and many local companies are licensed and provide favorable terms for those with poor credit.
However, you can save yourself hundreds, even thousands of dollars your home equity loan by doing some comparison shopping. Go online to ask for loan quotes based on your credit score and history. In a short time, you can compare rates, fees, and terms to find the most favorable loan for you.
Remember too that your credit score can be in prime standing in as little as two years. So make sure you have a refinancing option with your equity loan. This may mean that the lender automatically refinances your loan at prime rates on a specific date or that you don't have any early payment fees if you refinance with a different lender.
Related Tags: bankruptcy, home equity loan, california
Visit California Lending Hub to see our Recommended After Bankruptcy Home Equity Lenders Who Service All Areas of California, whether you are looking for home purchase, refinance or a home equity loan.
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