Home Equity Loans After Bankruptcy Choosing A Low Rate Lender
After a recent bankruptcy, your loan options are limited. Those needing quick cash for home improvements, wedding expenses, or college tuition may be unable to secure the necessary funds. However, if you own a home, getting approved for a home equity loan following a bankruptcy is a realistic option.
Understandably, banks and credit unions are reluctant to approve an unsecured loan or credit card application. Because home equity loans are secured by your property, lenders are more equipped to take a gamble. However, if the loan cannot be repaid, you will lose your home.
Benefits of a Home Equity Loan
Homeowners obtain home equity loans for various reasons. In fact, some apply for these loans in an attempt to avoid bankruptcy. Home equity loans are perfect for debt consolidation and paying past due utility bills. The interest rates are typically lower than credit cards and most consumer loans. Thus, homebuyers are able to payoff debts, improve credit, and save money at the same time.
Some prefer home equity loans because they do not involve closing costs. Refinancing an existing...
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