Home Equity loan

[FFPPSSLLC]

We own our home, have 2%DTI,but poor credit since 2012 “debt consolidation” scam, we need a new roof,what home equity loan should we apply for?

[Carl]

If a new roof is really "needed" and your credit score is an issue, then you take any loan you can qualify for. If you have sufficient equity in your home now, it shouldn't be an issue to get a loan for at least 80% of that equity in the form of a HELOC. But you can expect the interest rate to be up there in the clouds somewhere.

Generally, the current mortgage holder on your home has a vested interest in your property - especially if you still owe quite a bit on the mortgage and the current roof is in really bad shape. So that's probably your best bet. (But not best deal necessarily.)

[DaveT315]

2012 was almost seven years ago.  Your credit score should recover completely after seven years has passed since your debt consolidation debacle, provided, you have had no late payments on any of your trade lines in the interim.

[FFPPSSLLC]

We own our home, our credit is in mid 600’s & DTI 2%, all payments on time since the scam that destroyed our credit(almost 7 years) Which HELOC is best? Our local bank? Or online? We, obviously, are very leary about applying for anything online.We don’t want to run up our credit inquiries either.

[FFPPSSLLC]

Yes, we sold our farm, bought a foreclosed on home, mortgage free(2014). We’re extremely nervous about applying for anything online, but we don’t know which HELOC is best. Local Bank? Well trusted online Bank?

[FFPPSSLLC]

Btw,our roof is actually caving in over the closed in sunroom. The house was foreclosed on & sat empty (following a very shotty “flipper” attempt) for 2 years. We’ve done repairs that we could pay cash for, until now.