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I have a house in my name and I need an equity loan on it to improve the houses condition. Not a lot really. Roughly 25k but since I'm active duty I know there are places to go where I can get a good loan with a relatively low interest rate. Does anyone know where I could get one of those and what kind of acts there are to ensure I get a low interest rate? I know there's the SMRA which helps but I don't know if it would apply. In any case, I have Navy Fed and I'm considering USAA since they usually give out good loans. My credit is not very good honestly. High 500's/low 600's. But this is a necessity really and I'm just looking for some advice. I've already talked with my chain of command/authority about it and they have their concerns but they are on board to this point. Just trying to cover all bases and see where else I should look so things go smoothly. Thank you everyone and again, any advice is helpful. Please refrain from commenting anything negative like "you're too young to have that responsibility so be more mature and just wait until you are older". Thank you again
Loans
Navy Federal Credit Union
USAA
Posted >1 y ago
Responses: 8
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Capt Seid Waddell
Sgt (Join to see), USAA makes you feel like you are dealing with family, and I have not found better rates anywhere. They have a program in which they approve you and then email you the current rates from various lenders every few days. When you see a rate you like you call and lock the rate in.
If your current interest rate is higher you may be able to refinance the mortgage to include the cash you need for home improvement and still not increase your payments as much as two loans would do.
If your current interest rate is higher you may be able to refinance the mortgage to include the cash you need for home improvement and still not increase your payments as much as two loans would do.
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Sgt (Join to see)
The home is paid off already. Unfortunately it sustained some fire and water damage so the house is unlivable at the moment. What you're saying is, they email me rates from other lenders and I get to choose the best one but still go through USAA? So they just match the rate?
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Capt Seid Waddell
Sgt (Join to see), I think it is more like USAA is using subcontractors. You are still dealing with USAA, but the loan itself might be paid to another institution. If your house is already paid off it would be simple to take out a new mortgage on it for the money you need - you will have plenty of equity and the approval should come quickly.
That sounds like a much better situation than I first imagined.
That sounds like a much better situation than I first imagined.
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I have to agree with Capt. Waddell. Try USAA. They will work with you more than your average bank to ensure that you get your credit. There are never any promises, but this is probably your best shot. Ensure however that the payment are within your budget !! If you really are not sure, then it's better to wait a year and give it a try when you are feeling a bit more confident.
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Sgt (Join to see)
The payments are not a problem I assure you. I could more than likely handle it all by myself but it will be my father paying it because he's gonna stay there. He's already paying 1100 in rent so just putting that toward the loan payment is best. But USAA has very good reviews from people I've talked to so that's what I'll check out first
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PV2 (Join to see)
I would also concur with USAA. You can't beat them Sgt (Join to see). I use them as well.
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