Want to pay all debts with a home equity loan we own our home with no mortgage but have bad credit report

Wayne,"Bad credit" needs definition to answer your question. For the moment, assuming the worst possible credit report, you could get the following loan for up to 60% - possibly 65% - of the value of your home.Fixed rate. 20 year term, for 10 years the minimum payment is interest only but you can make principal payments voluntarily.After 10 years the remaining balance is amortized over the remaining 20 years.$1,200 in total closing costs. Loan fee of 5% of the balance (added to the balance).Fixed rate from 8.25% to 10.75%. APR % to %.2 year prepayment penalty. Can be waived.As an example, on $40,000 net proceeds, your payment is $335 at the high end.This can be approved, documented, and funded in 14 days or less.Bruce ConnBruce@CaliforniaEquity.com(800) 696-0696

Need much more info to properly advise you.. Everyone's perception of bad credit is different, so for this reason, credit reporting agencies will look at your complete credit history (within the confinements of the law), and produce a risk factor score which is based on an industry acceptable scoring system.. (Fico, Beacon, Fair Issac). For most all conforming loan programs, you will need a 620 or higher.. a few lenders go to 600 or 580, with even fewer going lower.. Keep in mind that the lower the score, the more strict the guidelines and the more difficult it will be to obtain financing. Also be advised that it takes more than a credit score to purchase / refinance a home. The lender will look at your complete loan scenario, not just a credit score, when determining one's eligibility.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com