About Home Equity Loans & Bad Credit

Series Summary

Real estate is a legal term that encompasses land along with anything permanently affixed to the land, such as buildings, specifically property that is stationary, or fixed in location. With the development of private property ownership, real estate has become a major area of business. Purchasing real estate requires a significant investment, and each parcel of land has unique characteristics, so the real estate industry has evolved into several distinct fields. In this free video series on real estate, a mortgage specialist explains real estate financing. Find out about home equity loans, loss mitigation and HUD homes. Get information on home financing grants and renters assistance. Learn how to sell a home without a real estate agent and how to sell a home quickly. Buy, sell or refinance a home with the help of these free videos.

Video Transcript

"Hi my name is Stetson Lowe and in this clip we're going to be talking about home equity loans and bad credit. A home equity loan allows a borrower to borrow portions of the home's equity securing that with the collateral as your home. And this is sometimes attractive to people with bad credit because the banks will lend to you a large sum of money based on your home as collateral and not put quite as much emphasis on your credit score alone as with an unsecured loan. So if you have bad credit and are looking to borrow a large sum of money, a home equity loan might be a good way to go. With bad credit, sometimes come high interest rates and if you have an auto loan with a really high interest rate or credit cards unsecured debt that has 29, 30% interest, it might be a great idea to consolidate those debts into one lower rate home equity loan that can allow you to take advantage of a lower rate and lower your payments by 100's of dollars a month thereby allowing you to pay the debts off much quicker."