The underwriting process for a home equity loan is similar to that of a first lien mortgage, so you may not receive loan approval and funding for your home equity loan for a month or longer in many cases. People with bad credit may have a hard time qualifying for a home-equity loan because most lenders require at least 660-680 credit score.
If possible, consider waiting a while if your credit score is less than ideal. It can be difficult to get even a home equity loan if your score is below 620, so spend a little time trying to bring it up first if this is the case. This can include paying down revolving debt you’re carrying to less than 30 percent of your credit limits.
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On the consumer level, a home equity line of credit. An unsecured credit card is one very basic example of an unsecured open-end loan commitment. Typically, the higher the borrower’s credit score,
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But even if you’re approved for a home equity loan, a low credit score can still result in less favorable loan terms. For instance, the lower your credit score, the more you’ll pay in interest.