How can I access a portion of the $750k equity I have in my $1.4m home to resolve $30k in debt? The bank won't lend more as my income hasn't increased I'm self-employed, business is strong and expect to have a great financial year with the recent launch of a second businesss. I have a slightly damaged credit score due to a judgment debt which has been settled. How can I resolve my situation to eliminate debt?
Call local Mortgage Brokers + ask how to do this.
Likely they'll know people who write cash out loans on large equity properties.
And... $30K is fairly low... Likely you can acquire enough credit cards to pay off this low an amount.
Start by hiring a credit cleaning service. You can contact me for my personal list.
I always clean my credit before doing any loan applications, because credit reports tend to build up all sorts of cruft over time.
Last time I had to refi a house, my FICA mid score was 618 + after paying $200 + six weeks of work by a credit cleaner, my FICA mid score was 796.
After your FICA mid score is near 800, then go out for credit cards or refi your home or apply for a 2nd loan for cash out.
You have 50%+ equity in your home.
You can pretty much get a cash out loan any day for if you have 35%+ equity (last I checked).
Your local Mortgage Brokers will know better what's available in your area/state.
Answered 7 years ago
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