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The ability to obtain a mortgage loan after bankruptcy is frequently negatively impacted for some time. But if you manage your credit carefully after your bankruptcy is discharged, you should.
However, it’s not true that everyone can get a home equity loan or HELOC as quickly as Adam did. The approval process can take anywhere from 2-6 weeks or even longer, depending on your situation. See below for factors that affect your timeline.
Home equity lines of credit (HELOC) allow you to borrow money using the equity or value of your home as collateral. HELOCs may be a better alternative than a credit card, or personal loan, as rates tend to be lower (as the loan is tied to your home), and interest paid may be tax deductible.
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In general, the rate on a HELOC will be discounted in the beginning. But after an introductory phase of around six to 12 months, the interest rate goes up. » MORE: Home equity loan vs. HELOC: pros and cons. HELOCs are generally structured in two phases: the draw period and the repayment period.
In some case, getting a home equity loan can happen quickly. Adam Carroll, a homeowner we spoke to who is also the Founder of National Financial Educators, liked the idea of a HELOC because of the availability to access funds to do projects around his house. He found it easy to apply for a loan and get it approved within a short amount of time.
A home equity loan is a type of second mortgage.Your first mortgage is the one you used to purchase the property, but you can use additional loans to borrow against the home if you’ve built up enough equity.Using your home to guarantee a loan comes with some risks, however.