How do I get a loan to do home improvements?
August 30, 2010 by Homes Redo
Filed under home improvements
I paid off my house last year, right after doing so I was laid off and my credit is now in poor standing. I need a loan to consolidate bills and do home improvements so I may sell my home. What can I do to get this all done. Someone please help me!
The question is – have you returned to work? Unless you have returned to work, you are not going to qualify for a loan. If you have returned to work, go to the bank that holds your checking/savings accounts and talk to them about getting a new mortgage on the house and tell them why. A local bank is more likely to work with you than a large, national bank. Alternately, if there is a credit union where you work, become a member and talk to them.
without a job and poor credit , it will be hard to get a loan even with 100% equity
just apply at any bank
just sell the house now as is – it doesn’t make much sense to spend $20,000 on fixing it up (plus financing charges) when you will NOT get $20,000 more for the house – hardly any improvements recoup 100% of cost and if they are just regular maintenance and repairs, they add no value
Ask your bank or credit union about a home equity loan. If your credit is poor, you might not qualify though, and you won’t qualify for any loan unless you can show income you’ll be able to pay it back from..
Good luck.
last i heard loan company’s arn’t giving out any loans to anyone anymore with poor credit unless you have really good credit they wont give you one.
you can always go talk to someone about it and try
good luck