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RayAnswers, Attorney
Category: Estate Law
Satisfied Customers: 29524
Experience:  Texas lawyer for 29 years in Estate law
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I completely own my home---with no debts whatsoever, which

Resolved Question:

I completely own my home---with no debts whatsoever, which is currently appraised at well over 200K.

I have a steady and very reliable income of over 50K per year.
Due to a bankruptcy in 2008-09...my credit score is only 625
I now want to take out a Home-Equity-Loan for $22,000.00

My question(s)...
What are the "best case" terms I should at least attempt to get.?.?
What are the terms I should avoid--or if they're fees, reduce to what level.?.?
Submitted: 1 year ago.
Category: Estate Law
Expert:  RayAnswers replied 1 year ago.
Thanks for your question and good evening.

Your credit here would be considered fair.The loan amount here is real small and the house is paid for.You should be looking at something like 3.50 apr or so interest rate.The fees here vary by lender so shop it.The site below here has comparative rates you may want to apply at more than one place and see what the best rate is you get.

I don't think you should have any problems here for this amount of funds given your house is pad for and steady income and at least fair credit rating.

http://www.bestcashcow.com/home-equity-rates/line-of-credit-washington-wa


Here are more lenders and rates, overall if you go shorter terms here say 10 years you can get it down to like 3.50.

http://www.bankrate.com/funnel/mortgages/mortgage-results.aspx?market=1092

I appreciate the chance to assist you tonight.Please let me know if you have more follow up.Thanks again.
Expert:  RayAnswers replied 1 year ago.

Here are more rates here, the rate varies depending on the length of payback.Since this is a small amount you might be able to repay it quicker and cut your rate.


http://www.washtrust.com/home/personal/rates/loan#HEL

 

The number on the right here is the amount per month per thousand borrowed

 

 

48 Months3.987$22.57
60 Months3.988$18.41
120 Months5.120$10.66
180 Months5.841$8.34
240 Months6.492$7.45
360 Months7.123$6.73
Expert:  RayAnswers replied 1 year ago.

As you can see here your credit score here is at least average so you should qualify for this small a loan without problems.And you have steady income.

http://www.freescore.com/good-bad-credit-score-range.aspx

It appears you have a low debt to asset ratio because house is paid off.All of this is good for you.

 

Another lender and rates.

 

https://www.soundcu.com/personal/home-loans/fixed-home-equity-loans/

 

Thanks again, good luck with the loan here.

RayAnswers, Attorney
Category: Estate Law
Satisfied Customers: 29524
Experience: Texas lawyer for 29 years in Estate law
RayAnswers and 8 other Estate Law Specialists are ready to help you
Expert:  RayAnswers replied 12 months ago.
Thanks for your recent real estate question.If you have more please post them for Ray.I appreciate your business and thanks again.

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