equity loan payments – home

Question by Pantsguy: What exactly is a home equity loan and can I still get one with bad credit?
I do own my own home but am quietening paying off my mortgage. My son needs more money for college and we’ve tapped out on student loans and my credit cards are all maxed. I was wondering what I could do and thought that a home equity loan with bad credit might be an option. I don’t know if it’s a good idea though.

Best answer:

Answer by Anjell
You have ownership of the home but what you don’t have is free title that’s why you still have a mortgage to pay. A home equity loan is just what is says, a loan that you can access up to or near the value of the equity you have in your home. For example if you bought a $ 300,000 home and you’ve paid half of it off, then you have $ 150,000 in equity. That means that the bank could lend you up to that much. The stipulation is that you would need to have nearly sterling assign and still qualify for it. If you’ve already maxed retired your other financial resources particularly a credit card of all things I very much disbelieving you’re going to get an equity loan anyway because you’re already in over your head. I’m glad you want to help your son out with his tuition but he may have to do like millions of other students and get a part clock job to help out.

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