Do you want to obtain equity based loan? Try hard money loan. It is only based on borrower's equity. Hard money lenders are considering all other inabilities of borrowers.

there is a time and place for home equity loans.. if you're going to renovate the kitchen or bathroom... etc... and hopefully these renos will add value to the property, thus making it a good investment...

if you're borrowing using a home equity loan to supplement your income, then that's a bad idea... IMO ... NEVER USE CREDIT TO SUPPLEMENT YOUR INCOME!!!

You don’t hear a lot about people taking out home equity loans these days. With all the millions of homeowners who got in financial trouble by using their homes as “ATM machines” to support their lifestyle and the recent massive declines in home values, home equity borrowing has both gotten a bad rap and become much more difficult to obtain.

I can't judge what a creditor is going to say, because they all have different tests to rate you as a credit risk.

Ultimately, the question is, if you've got stable income, why do you have three R8's on your credit report?

That's what the creditor will want to know...

Also, do you have cash reserves in place, like emergency funds to cover the loan should you have work interruption.

Best to shop around... I know that there are bad credit lenders for mortgages, and they will more than likely charge higher interest rates.

Mortgage brokers will probably be able to help if you're in quebec.

Yes, I do have a stable income and do make enough to pay back the loan. However, I am just concerned since my credit is terrible.

There are mortgage companies that help out with bad credit loans... just call around.... if there is good equity in the house, that's a main concern.... also if you have income to support the loan, how long you've been at your job etc.

do you have a stable income?

I will be inheriting my parents house in the next month and I was looking to take out a home equity loan to pay off my debts and to do some home renovations.

My question is, is there any leanders out there that will offer my a reasonable rate and actually approve me. The house is evaluated at $125,000 - I am looking to borrow 75,000. I have very bad credit - I have 3 R9's (write offs).

Does anybody know of any leanders that might be able to help me? I am located in Quebec - close to the National Capital (Ottawa).

Thanks