Can I get a home equity loan with bad credit?

As mentioned above, in order for you to get a home equity loan, lenders like to see a credit score of at least 620.

How long does it take to get a home equity loan?

It can take anywhere from 2 – 4 weeks to get a home equity loan. This all depends on where you get the loan, how quickly you can get approved and whether you’ve completed all the right documentation.

Can I still deduct the interest I pay on home equity loans?

Before the Tax Cuts and Jobs Act of 2017 became law, homeowners could deduct on their taxes the interest they paid on home equity loans no matter how they used the money. That has now changed. According to the IRS, you can now only deduct the interest on home equity loans if you use the money to substantially improve the home that secures the loan.This means that you can’t deduct the interest if you use a home equity loan to pay off credit card debt or cover a child’s college tuition, for example.If you use your home equity loan to build a new primary bedroom suite on your home, you can deduct the interest you pay on that loan. That’s because you’re using the proceeds from the loan to improve the home.

What Is A Home Equity Loan?