Can I even get a home equity loan wiith a credit score of 630?

I am looking to consolidate/ pay off my bills with a home equity loan but I only have a credit score of 630! I am afraid that the credit inquiries will LOWER my score more if I am denied. Should I even bother trying to get one? I don’t want to mess up my credit any more.

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Are home equity loans credit based?

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10 thoughts on “Can I even get a home equity loan wiith a credit score of 630?

  1. Two things:

    One, speak with a broker. They can do one credit pull and try multiple sources for prospective loans. With a broker you’re not tied down to one program.

    Two, the government has adjusted the rules with regard to credit pulls. Credit checks for a home loan made within a three-month period only count as one credit pull, and affect your credit only once. The same goes for auto loan credit checks.

    Also, don’t ask that same old question, “What interest rate can I get?” What interest rate do you want? Brokers make their money one of two ways–from the borrower, in the form of a brokerage fee, or from the lender, in the form of points. These points are incentives from the lender to give a higher interest rate to the borrower.

    Example: Joe Smith wants to get a 100,000 dollar loan, but he doesn’t want to pay a broker fee. He goes to see ABC Mortgage Brokerage, who has a policy (pretty standard) of obtaining 2% on every loan they do (in other words, they want to make 2,000 on the deal).

    The mortgage broker finds the program that best fits Joe, and sees three options he can present to him. One gives him a 5.5% interest rate, but nets 0 in points. Thus, to make his money, he must get 2% from Joe in the form of a brokerage fee. Another gives Joe a 6.5% interest rate, with one point, and he charges Joe a $1,000 brokerage fee, or 1%. Finally, he can give Joe a 7% interest rate, and charge Joe nothing.

    This is oversimplified, but it’s basically the way that it works. That’s why I used to laugh when someone would call and ask me what the interest rate was that day. I would reply, “What do you want it to be?”

    Good luck. Feel free to message me if you need any help.

  2. Yes you can i got one with about the same score maybe lower with 5.35% intrest rate

  3. 1) get your own credit report (doesn’t affect your score) from each of the three major companies. Check it for errors. Fix errors.

    2) Evaluate your equity in your home. How big of a risk are you? E.g. if you only owe $10,000 on a $200,000 home, you’re in better shape than if you owe $150,000.

    3) Talk to your local bank, or mortgage broker. The advantage of a broker is that they will only pull your credit report once. But they can be more expensive for low qualified applicants, so be CAREFUL. Your bank (unless they’re $%#heads) should be willing to talk to you based on your vredit report statements, and give you an idea of whether it’s worth proceeding, without pulling a report of their own.

  4. It is true that inquiries lower you credit score, but it’s amazing the type of companies that are out there! There is always a company willing to refinance. Go on line and check it out, and try to get in touch with an actual person to ask your questions, that way you don’t have to submit an application. Good luck!

  5. Yes when I was checking with my bank for A line of credit for 80,000 they told me 580 was great

  6. Yes you can get a Home Equity Line of Credit (HELOC) with a 630. You can’t get a HELOC with a 580, but you can get a 2nd mortgage. The company I work for is a broker and we offer many types of loans to borrowers in every situation.

  7. I’m looking at Buying a condo for 60,000 and my credit score is 630 where do I go in Madison Wisconsin for a loan.

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