My husband and I own a home.We don't live in the home as we need to relocate to the town and we need to fix up the place a bit both of us are in the remodeling business and we only need a loan to finiash the place we bought.How do we do this and what are the specs

Quote:

---

Originally Posted by christinekibby

My husband and I own a home.We don't live in the home as we need to relocate to the town and we need to fix up the place a bit both of us are in the remodeling buisness and we only need a loan to finiash the place we bought.How do we do this and what are the specs

---

Are you asking about a line of credit against the house or a personal loan?

As far as I know you ask about what qualifications banks are looking for, what type of credit rating, what interest they are charging and then you apply. You are either approved or denied.

You may have to get a line against the real estate as opposed to an unsecured loan, depending on your credit rating and other bills.

It's me christine again.Let me give you the specs. We are one income my income verified,poor credit rating.as or we are a ghost.So we wanted the loan to be against the equity of the house

Quote:

---

Originally Posted by christinekibby

It's me christine agian.Let me give you the specs. We are one income my income verified,poor credit rating.as or we are a ghost.So we wanted the loan to be against the equity of the house

---

That is the decision of the bank or lending institution - it's secured (if the value is in the house) but if you have poor credit you'll pay higher interest than someone with good credit.

A lot will depend on how much you want to borrow and what level of equity you have in it.

It is much harder to get a loan today with bad credit,