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Question By
kennedy1974

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i have bad credit 593 and no one will give me a home equity loan can i take out a mortgage?

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if you don't qualify for an

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Equity loan on the property you own, then a new mortgage is probably out of the question.  If you want to refinance your mortgage there is a good chance you can if you have the equity in the property and a loan officer willing to wiork with you.  

Go to the bank that holds the original loan on the property and talk to a loan officer.  They will be able to tell you what your options are. With a low score you will be paying more in interest, but thats a trade off you may want to make.  You have to decide. 

Good luck  

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Reply by
icuhowie

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" If you want to refinance your mortgage there is a good chance you can"

Really don't think so.  Pie in the sky.  More like a very Slim chance at best.  

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You need to address the issues on your Credit Report that has your Credit Score at "593"  

Until you do that would not even look at any thing like a "home equity loan"

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You've been a member here since March of 2011 and have obviously not taken advantage of reading other community posts and the informative articles to understand credit, and raise your score.

Any loan you might receive will be at a high interest rate. 

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Reply by
EddyTX

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Didn't know you were the Credit Karma  police.  

Our job here is to help others, not scold them for not having read an article. 

Many people have CK accounts that are only checked once a year or less.  They don't all have the time to sit and read artilces and blogs as you do.  

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Reply by
mindjazz

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The goal of this site is to help people understand credit. Most people post the same questions over and over, without ever reading or learning.

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