Author Topic: Home loan??  (Read 708 times)

brownr72

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Home loan??
« on: Dec 23, 2010, 08:47:50 AM »
my house is worth about $550k.. My credit score is 559 rightnow, due to my excessive credit card and student loan debt.. nothing has everbeen late, it's just that i have excessive amounts of these debts.. i makeabout $2,600 dollars a month, and i'm wondering if i will be able to get a homeloan for about $100k so that i can pay everything off.. (my house is 100% paidoff).. will i have a problem getting this home equity loan?? should i even bothapplying or should i just wait until i pay down my credit cards more?? adviceanyone??

James Falla

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Re: Home loan??
« Reply #1 on: Dec 23, 2010, 04:30:08 PM »
Hi there brown72
 
From your post, I assume that you live in the US? We specialise on giving advice to UK debt problems on this forum so I am not sure how relevant my answer will be to you. If you are in the UK, my advice would be to consider taking a mortgage against your property to consolidate your debt. Goven you have 100% equity currently and if your credit rating is reasonably goos, this would seem like a sensible course of action for you.
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