Guaranteed Home Equity Loan With Bad Credit
Owning a home is not just a milestone it’s also a financial asset. One way homeowners tap into this asset is through home equity loans , which allow you to borrow against the value you've built in your property. But what if your credit score is low? Can you still qualify? The answer might surprise you. Let’s explore what a guaranteed home equity loan with bad credit really means, and how you can potentially secure one. What Is a Home Equity Loan? A home equity loan often called a second mortgage lets you borrow a lump sum based on the equity you’ve accumulated in your home. Equity is the difference between your home’s market value and what you still owe on your mortgage. Home equity loans are repaid in fixed monthly installments, with interest, over a term that typically ranges from 5 to 30 years. Can You Get a Guaranteed Home Equity Loan With Bad Credit? The word “ guaranteed ” is a bit misleading. No legitimate lender can guarantee approval before reviewing your ...