I'm in a bit of an unusual situation. I've been in real estate for about six or seven months now. I'm pleased with my progress and enjoy it enough that I want to continue in this career.

I came into this with a good chunk of cash to get me through the first six months. It wasn't enough. I've still got enough to cover me a couple more months, but I'm thinking about freeing up some cash in my home so I don't get squeezed next winter when our market gets very slow.

I've got almost no income to show at the moment. And I know banks don't like that. My credit is mid 600s. Not because of any late payments. I just didn't use credit until recently. Dumb, I know. I was living overseas for a number of years with a high paying job. Used English credit cards and an English bank. Came back here and bought my home and vehicles for cash.

So I own my home outright. I have been making payments on my real estate car for six months now. But I've also got some fairly high balances on credit cards lately that I'm just paying minimum or a bit more. Something like $7000 bucks. Limit is not a lot higher. I know that's a problem.

No other debts, other than a cosign on a 10k student loan for my girlfriend.

Are there any options to borrow say $50k against a home worth easily $700k. I could make payments out of the loan proceeds. I'd even consider a two year lump sum payment.

I've got a few other options to consider, so I won't be doing this if it's going to cost me well into the double digits.

Thanks for any insight on this. I do know that in my area, one major bank has started doing no income loans to buy homes with enough down payment. Just not sure about home equity loans.

Mac

I would not suggest a HELOC at this point with the Federal Reserve set to raise rates at least 2 more times within the next couple of months. It will have a direct impact on a Home Equity line. If you will contact me via email with your phone number or call me, I have several programs available and am licensed in Oregon.

A No DOC loan would probably serve you best. You may want to consider rolling all your other debt into the loan as well as it will save you the most per month. Have your mortgage guy run the numbers and see what makes more sense. I am thinking if you roll everything into one loan and cash out for 50k, your payment will probably be about the same as you pay now for the cards and the car. Goodluck.

Already have it covered Adel.....