Home Equity loan from CitiFinancial

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Does anyone have any experience with a home equity loan through citifinancial?
They have offered me a $45,000 home equity loan at 11.70% for 15 years. The rate apparently goes down to 10.70% after 24 months of making payments on time.

They are charging about $2,200 in their fees into the monthly payments.

I don't have good credit, so wondering what you think of this?

Can I do better? Where?

I don't qualify for Penfed.

Thanks

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Have you tried LendingTree.com? We got our mortgage thru them, 5.75%. We are looking at Penfed.org or Chase.com for our home equity more than likely...but if we do not like what are offered, we will try LendingTree.com again. Good Luck.

Anyone can qualify for penfed for $20 (tax deductible too!). Join www.nmfa.org and you're in.

But does penfed and others take on loans with bad credit?

bluefoot said: [Q]But does penfed and others take on loans with bad credit?

It depends on why you have bad credit. If you have unpaid CO's, I don't think Penfed can help you. 11.7% seems kind of high for a home equity loan, especially with a couple thousand in closing costs. Most banks around here will do them w/little or no closing costs and a very small prepayment penalty (maybe $300). You could always do a loan now if you can swing the payments and refi when you improve your credit. Do you know your credit score? If you have not done so already I would pull your credit reports to know exactly what you are working with. You can call around different banks w/your scenario and see if they will work w/someone with your credit before they pull your report. CU's are supposed to be good about working with their customers.


clean up your credit first, then get a better rate.

Most people just "accept" that they have bad credit...if you spend a fw hours DOING something to clean it up, it will save you thousands of dollars...so unless you make several hundred dollars per hour, cleaning up your credit is the most lucrative job youll ever do.

Dont just feel beaten down by bad credit, be proactive and fix it

SUCKISSTAPLES said: [Q]clean up your credit first, then get a better rate.

Most people just "accept" that they have bad credit...if you spend a fw hours DOING something to clean it up, it will save you thousands of dollars...so unless you make several hundred dollars per hour, cleaning up your credit is the most lucrative job youll ever do.

Dont just feel beaten down by bad credit, be proactive and fix it

What a great comment. A friend of mine is a mortgage broker. He tells me stories all the time with people coming in to refinance. They have scores are in the 500s or low 600s. He has some program he runs where he puts in the desired score and it spits out what they need to do. I don't know the name of the program but it doesnt really matter. There are tons of resources online. All of the actions are a combination of closing accounts, paying accounts down/moving money, writing letters to credit agencies and opening new accounts. Establish a plan and you'll save yourself a lifetime more of $ than if you just rate shop!



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