If I Am Turned Down For A Home Equity Loan, Do I Have Other Options?

Did you know that being turned down for a Home Equity Loan might mean that you still owe money on another loan that you took out against your house?

How Do I Get a Home Equity Loan?

Home Equity Loans are loans that use your home as collateral. The loan can only be granted against a percentage of the value of the house. If I Am Turned Down For A Home Equity Loan, Do I Have Other Options? Your other options would be to pay off any other loans you might have outstanding that were granted by using your home as collateral.



What If I Do Not Have Other Loans Against My House?

Even if you have not incurred loans against your house, you might have borrowed more money than you can repay. You also could be close to having your home repossessed. If I Am Turned Down For A Home Equity Loan, Do I Have Other Options? The best option you have is to lower your credit score by paying off all of your outstanding debts.

How Do I Know The Reason I Was Turned Down For A Home Equity Loan?

When a loan broker refuses to grant a Home Equity Loan they usually attach a letter of explanation for not granting the loan. If I Am Turned Down For A Home Equity Loan, Do I Have Other Options? You might be able to get a loan without using your home as collateral. Try using your car as equity instead. The interest rate might be higher for a Car Equity Loan, but you might be able to get a good deal. Contact a loan officer in your local bank to get further information.



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