Bad Credit Debt Consolidation Home Equity Loans

Whether you have bad credit history or don’t have a lot of equity in your home, you may still be able to qualify for a bad credit debt consolidation home equity loan. Consumers with poor credit often times assume they are ineligible for a home equity loan approval. It is very likely that you will pay a higher interest rate due to your past credit history. You may also be offered some unfavorable terms such as, an interest-only loan which results in you paying only the interest on your monthly payment. At the end of the loan you may be expected to make a balloon payment to satisfy the balance of the loan. Although the terms may not be ideal, you can negotiate your interest rate when the loan is up for renewal in 3-5 years.

If you are looking to consolidate outstanding credit card debt through a home equity loan, it is important to keep in mind the risks involved when the money is used to pay off unsecured debts. I.e. if you fall behind, or are no longer able to afford your new loan payments, you run the risk of losing your home.

Financial Choice Network is committed to providing you with your best possible solution to fit your needs. For a free consultation call now, or fill out a form, and an experienced financial advisor will assess your situation, and put you in contact with the right provider!