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When taking out a home equity line of credit, you have the ability to access cash at low interest rates. Typically, home equity lines of credit have lower rates than credit cards and you are only charged on the actual amount that you spend. People with bad credit can also find lenders who will offer them reasonable rates verses credit cards and personal loans. The following are five tips on getting approved and using a HELOC.Tip #1 Check Your Credit ReportBefore you approach lenders it is important that you know what your credit report says. There may be a discrepancy on your report that you should clear up prior to consulting a lender. Also, there may be accounts on your credit report that you haven't used in a long period of time. If this is the case, then by closing these accounts you will be able to improve your credit score.Tip #2 Shop Around When Looking For a LenderIt is important to remember that no two lenders are alike. Lenders offer different rates and different de
als daily. Many major lenders also offer financing to people with low credit score. There are also sub prime lenders that can provide financing. These lenders specialize in assisting people with bad credit. Sub prime lenders can also offer various unconventional loans, such as 100% cash out of your home equity.Tip #3 Take Advantage of Higher Insurance DeductiblesOnce you take out a home equity line of credit make sure that you raise your deductibles on your auto and homeowners insurance policies. If you increase your deductible, in most cases you will be able to cut your premium by as much as twenty-five percent.Tip #4 Secure Big SavingsIf you have more equity than debt, and plan to stay in your home for the next three to five years, then by replacing your first mortgage with a HELOC you will save more money in the end.Tip#5 Pay with Rewards CardsIf you are planning to use your HELOC for a major purchase or home improvement project, then you are better off to use a rewards c
ard for the purchases. Once you make the purchases with the rewards card, you can immediately payoff the card with the money from your HELOC and reap the rewards from the card.View a List of Recommended HELOC Lenders Online - We maintain a list of recommended mortgage companies online and update the list regularly. Things to Know About Home Equity Lines of Credit- Read this article to learn more information about HELOC's.
View this post on my blog: http://www.mortgageloanus.org/5-tips-on-getting-approved-and-using-a-heloc/
als daily. Many major lenders also offer financing to people with low credit score. There are also sub prime lenders that can provide financing. These lenders specialize in assisting people with bad credit. Sub prime lenders can also offer various unconventional loans, such as 100% cash out of your home equity.Tip #3 Take Advantage of Higher Insurance DeductiblesOnce you take out a home equity line of credit make sure that you raise your deductibles on your auto and homeowners insurance policies. If you increase your deductible, in most cases you will be able to cut your premium by as much as twenty-five percent.Tip #4 Secure Big SavingsIf you have more equity than debt, and plan to stay in your home for the next three to five years, then by replacing your first mortgage with a HELOC you will save more money in the end.Tip#5 Pay with Rewards CardsIf you are planning to use your HELOC for a major purchase or home improvement project, then you are better off to use a rewards c
ard for the purchases. Once you make the purchases with the rewards card, you can immediately payoff the card with the money from your HELOC and reap the rewards from the card.View a List of Recommended HELOC Lenders Online - We maintain a list of recommended mortgage companies online and update the list regularly. Things to Know About Home Equity Lines of Credit- Read this article to learn more information about HELOC's.
View this post on my blog: http://www.mortgageloanus.org/5-tips-on-getting-approved-and-using-a-heloc/
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