Subprime HELOC – What Rate Will I Get?

Posted on | March 27, 2009 | 1 Comment

Getting a subprime home equity line of credit is a very risky proposition in the current economy.  With the subprime mortgage crisis in the recent memory of most lender, it is highly unlikely that you will get a rate that is desirable.  There are very few mortgage lenders that are willing to take the extra risk on subprime borrowers but they are out there.  Each housing market and area is different so search lenders in your area that specialize in subprime and go from there.

I would urge you to reconsider your options if you plan to take out a great deal of money in a subprime HELOC.  Subprime borrowers are considered risky for a reason, so they are often going to get turned away from a HELOC.  If this is something you are very serious about, you might want to sit down with someone who has been responsible with their financial decisions and ask them their opinion.  The best thing you can do is be honest with yourself as that will save you a lot of money in the long run.

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