Wednesday, May 26, 2010

Secure Home for a Loan?

I am looking for a loan, between $25,000 and $50,000. I have about $28,000 in equity in my home, but b/c I am self employed and using bank statements to state my income banks are not willing to give me 100% of the equity more or less go above the 100% to give me the $50,000 I really need. Is there another way that maybe I can get a loan and use my home as collateral to get the money I need? Please only legitimate answers. Thanks



Secure Home for a Loan?

To be honest, there is no other way. The 125% option will not allow for stated income or bank statements. Not only that, the interest rates on that program are unbelievably high - upwards of 17%.



Definitely not something I would recommend.

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