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Château de Boursheid
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Château de Boursheid
(Castle of Boursheid )
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Question by Danielle: What’s the best place/way to apply for a home improvement loan?
I inherited a home that seriously needs repairs. I don’t have great credit though and would like to apply for a low interest home improvement loan, sick but have no idea where to start. I do have access to a credit union. Thanks!
Best answer:
Answer by cafalldavies
Bad credit is going to be your #1 problem, but if there is equity in the home you can borrow a Home Equity Line of Credit against it. Most commercial banks/credit unions will allow you to set up autopay on it so you don’t even have to think about making the payments… which is really good because if you don’t pay, you could lose the house.
For most commercial banks you will need a minimum 680 FICO score or a cosigner with a higher score to get a home equity line, but credit unions often have lower standards, so you should check with your credit union.
What do you think? Answer below!
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Reach out to your credit union, they are the only ones who will help you with this.
Credit will be your issue. A home equity loan is what you need. If you own the home free and clear, this shouldn’t be impossible though.
You have bad credit; do you have adequate income to cover the loan? This one is going to be almost as important as your credit score.