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I have poor credit; is it possible for me to use my house (which is paid off) to help me get approved for a loan?

I have poor credit. Is it possible for me to use my house (which is paid off) to help me get approved for a loan?

Debt, Real Estate
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Dear "I have poor credit, is it possible for me to use my house (which is paid off) to help me get approved for a loan"?

 

First put on the emergency brakes!! Stop, Stop, Stop........Please Stop!!!!!

I am thankful you decided to write in to ask this question.

I am thankful to meet you in this forum and I am honored to guide you along the way.  

Today, something inside you propelled you to seek financial advice.  This advice seeking venture was the very best financial decision. This decision will affect you, your family, your long term financial success. 

Detail how you gained ownership of this home? Acknowledge home ownership is one the best financial asset you will have. Do not ever risk this ownership position that is yours. This asset despite your otherwise bad credit will increase in value month after month and year after year in a valuable market if you care for this property as you would an infant or a child.

Very few individuals own their homes outright. For this you are blessed. Acknowledge this blessing. 

Understand completely the consequences of taking out a loan. With bad credit, caused by you and your alone, understand interest rates are higher despite ownership interest of your home. Understand if you are an emmense credit risk creditors may attempt to "attach" your home. Understand all of this prior to having to have the latest and greatest whatever you are looking at for the moment. Understand years of debt on a loan are just that. Though you may want the item now, you must deal with high interest rates and the costs of owning the loan to pay down debt for a very long time. 

Start today by understanding your mental mindset about money, understand why it is you have bad credit, why is it you are looking to get a loan and risk your "paid off property" to increase debt to an already compromised situation. Read about groups "FI Group" Financial Independence, "Debt Snowball" by Dave Ramsey, most of all start a diary about your spending habits and start to check in with me no judgment.

Vow today to correct a negative debt situation.  Vow to improve your credit score.

Do get in control of your finances. Think twice about getting a loan !!!!

 

All my very best to you,

 

Jan Attard, RIA, MBA, CMT

J. Oliver Maxwell, LLC

www.jolivermaxwell.com

tele: 925-876-1377

jolivermaxwell@outlook.com

 

 

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