America Bank Credit Equity Home Line

I called to check on the status of my application and hear it is "temporarily approved pending two confirmations." These include making sure my house is not in a flood zone, and the value of the house. In order to do this, the application has to be assigned to someone, and that has not been done in over a week.

Since I am requesting under $500,000, the bank absorbs the costs associated with the confirmation of the value of the house.

How long does it normally take? I assume they checked my credit score already, the purpose is to consolidate debts and I am in the red. Could they reject the application on the basis of poor credit now?

call them. they could be waiting for an appraisal, there could be a snag or two on the credit report. being is debt is usually ok its if you are behind that matters. and yes if they just pulled the credit, it can still get rejected. the process usually takes a few weeks so relax

2006-10-07 10:20:08 by Pia

911credit.blogspot.com BestCredit Cards To Get This website offers up-to-date information on online banks' applications that you can trust ...

What I like about this unsecured loan is: 1. It is not secured
2. Can have it as available cash

WHY DON'T YOU LOOK AT THE INTEREST RATE OF EACH ONE, BOZO, AND THEN YOU CAN ANSWER YOUR OWN IGNORANT QUESTION.

2007-01-28 17:36:07 by MRLOVE

Price: $9.95 $9.95

I'm going through BOA (Bank of America) for a home equity line of credit. I thought my house was worth about $125k based on comps and market analysis. They did a "desktop" appraisal and it came back at $72k. I just purchased the house for $35k and was hoping to get a HELOC to do some work and upgrades to the house. THey said they "upgraded" the appraisal and were doing a drive-by (I did not mention I thought it was low). Is there anything I can do in hopes of recieving a higher appraisal? Any tips??

Your comps and market analysis - are they based on your having the repairs/upgrades complete? If yes, then the number they have is probably based on "as is" value - meaning right now, before you've had opportunity to make the upgrades.

Request to know what comps they used. If theirs are closer/newer/more similar than the ones you used, you are a little out of luck, probably. However, if yours are newer/more similar/closer, you may be able to successfully change their value by sharing this info.

(just to be clear: when I say newer comps I mean sold more recently as in sold in last 3 months vs in the last 12 months)

Good luck!

2008-03-07 19:53:10 by Brad F

270k loan on appraised house of 475k. Wanted a home improvement line of credit for a few things. Time requirement after closing for HELOC? LTV limit? Appraisal still work for HELOC application? Had appraisal done before purchase. Looking at Bank of America (already have an account with them). They quoted 5.74% on 100k loan. Good rate? Thanks in Advance.

Of course there are many factors that determine the amount you can borrow and interest rate, including debt to income ratio. LTV may be fine if they determine it would still be 80% or less. A fixed rate is normally somewhat higher than variable rate, but would also eliminate surprise interest rate jumps that brought this country to it knees.

My lender gave me a free HELOC to borrow back paid principal when I refi'd in 2005. Its rate is variable at prime minus 0.5%, which started out in 5% range, climbed to 7.5% by 2007, and has now slipped back to 3.75% (on its way to 2.75%).

In my neighborhood, bankrate.com is showing Bank of America at 4.74% (prime + 1.49%, minus 0.25% if you auto pay). Not sure what they charge to lock a fixed rate. There is a savings & loan that shows 2.24% (prime - 1.01%) with no closing, pre-payment, or annual fees.

2008-12-20 14:29:30 by chad p

Only people who work in lending please answer.

My background:
200K/yr income. Employed for 9 years at the same very large company. I have 25 years experience in this same occupation. I own my home now for 10 years - have a 170K balance on an original $255K loan - I've been making extra $500/month principle payments religiously since I bought it, so I have something like 70% equity in my home even AFTER the recent drops in house value we've seen recently. My current mortgage payment is 1700/mo. My house has a value of $600K from 2009 recent comp sales. I have no cc debt, no car loan debt, no debt of any kind. I have no late payments on any bills ever. I pay for just about everything by credit card but I then pay the bill off every month ($4-5K mo usually). My credit rating is between 790 and 820 depending on the agency you use. I also have verifiable liquid cash and stock accounts in excess of $200K (this is not retirement money, this is after-tax hard cold cash)... so to me, Id say Im a good bet, no?

I recently applied to open a HELOC for 200K and was turned down by Bank of America. They gave me this cryptic explanation "This is no reflection of your credit worthiness, you actually have excellent credit, but you don't have enough trades to meet our internal approval criteria"... I asked for that in english but they wouldn't elaborate or explain what a trade was or how many was enough..only that I didn't have enough. I haven't a clue what that means.

Im shocked that Im not considered a good risk considering I actually don't need the money, so Im turning to this answer board for help... what's wrong with the picture?

It means that your credit card companies are not reporting your history. Since you pay them off each month, you are not really using credit and they do not report it to the credit bureaus. Banks like to see three or more (but not 20) lines of credit and you only have one -- your mortgage.

2009-07-01 16:56:51 by JoeBoy