Loan Equity Rates

The Internet makes your shopping for a bad credit home equity loan rate much easier than paying a personal visit to a mortgage or home equity loan lender - at least in the initial information-gathering stage. With diligence and patience, you can obtain current rate information on home equity loans that are updated daily and posted on various lending institution websites. These rates, however, are posted for those with excellent FICO credit scores of 750 to 850, or good credit scores of 660 to 749. You can go to individual mortgage or home equity loan lenders and use their calculators or rate finders or go to a mortgage aggregator site to compare rates across multiple lenders. You'll probably start with the aggregator and then drill down to the individual lenders that offer more competitive rates.In your search for a bad credit home equity loan rate, it's vital that you first know exactly what's in your credit history and the current total of your credit score. A poor FICO score is 350 to 619, while a good FICO score is 620 to 659. You may have a little more leverage with a good FICO as compared to a poor FICO, but you still will have an uphill battle to obtain a bad credit home equity loan rate.You may find that it is best to work with a selected home equity loan lender, perhaps the same lender that holds your home's primary mortgage. Since a home equity loan is in effect a second mortgage, secured by your property (but subordinate to the primary mortgage), the lender who already holds your mortgage may look more favorably on your request and give you a better bad credit home equity loan rate.