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Bad Credit Home Equity Loans

June 2, 2013 by @OneStopMtgCorp

Bad Credit Home Equity Loan

A Home Equity Loan Just Makes Sense

If you have bad credit, a home equity loan may be a solution to help you refinance your high interest loans, rebuild your credit rating and take more control of your financial situation.  A home equity loan is a line of credit that enables you to take money out of the equity you have built up in your home.  Building equity in your home is done by paying your mortgage every month, as well the increased market value of your home.

 

Have Bad Credit?

If you have bad credit, a home equity loan can usually offer easier approval and lower interest rates than the more traditional credit lines or loans, since your home is used as collateral.  If you have a mortgage and lots of equity in your home, and are carrying credit card debt, it just makes sense to take the money out of your home to pay off the high interest rate loans.  Not sure how to get started?  Contact the team of mortgage and loan specialists at One Stop Mortgage.

 

Debt Consolidation

You can use a home equity loan to consolidate your debt.  Since you are using the value of your home to support your loan application, it is easier to get approval and your interest rates will be lower.Often people find themselves in situation where they need money fast for things like

  • Paying off your credit card debt
  • Paying off student loans
  • Getting the cash  you need for home repairs or home renovations
  • Paying a child’s tuition
  • Starting a new business
  • Getting money quickly if you just lost your job
  • Putting together a down payment for an investment or vacation property
  • Consolidating your debt by using your home equity loan to pay off your various debts to enable a lower single monthly payment

 

Simplify your Life

If you have bad credit and multiple monthly loan payments, it is easy to miss a payment, get overwhelmed and stressed out feeling like you are working for credit card companies instead of for yourself.  Not only are you paying high interest rates – the average bank credit card interest rate is about 20% and a department store credit card has interest rates as high as 30% - you are hurting your credit rating.  It is important to improve your credit rating and get back your life.

With a home equity loan you can reduce all these high interest payments to a simple, single monthly payment that is not only easier to keep track of, but also will reduce how much you pay out every month in interest payments.  If you take the money you save every month with a home equity loan, and use that extra cash to pay down your loan, you will be on the path to being debt free!  Imagine the feeling of getting out of debt and taking back your life?

 

Get Started

Contact a mortgage and loan specialist from One Stop Mortgage and get some advice on how to get a home equity loan and get the cash you need.  Gather the financial information you need to provide proof of household income, mortgage information and the value of your home. Ask lots of questions and learn as much as you can about the home equity loan and how it works.  Once you see how much money you will save by consolidating your debts and reducing your payments to one simple monthly fee, you will wonder why you didn’t do this sooner. 

 

Contact One Stop Mortgage Corp today and get cash when you need it most.  Even if you are self-employed, or have a poor credit score, they can help you. Since 1994 we have helped people get the best mortgages and home equity loans to fit their lives. Contact us today and find out how we can help!

A simple phone call to 1-877-874-8988 or 604-874-8988 or an email to sergio@onestopmortgage.ca can help you find the best loan product to fit your needs, reduce the interest payments and improve your credit rating and credit score.

Even if the bank turns you down, or your credit-rating is not accepted elsewhere, we can help.

Phone:  604 874 8988 or call toll free  1 877 874 8988
Fax: 604.874.9109
sergio@onestopmortgage.ca

Or simply fill out the contact form here

One Stop Mortage phone number

 

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