Best Equity Line Of Credit

I've slipped and let me credit score get a little low. Today I applied for a home equity line of credit through CITI where I have my first mortgage and was declined. I would like to obtain this loan to payoff credit card debt and get my finances under control. Where or what financial institution is my best chance to be approved for a home equity loan or line of credit?

Ask Citi why they declined it.... and then work on the areas you need to improve to qualify for this type of loan.

Be careful not to run from one bank to another... everytime they check your credit... your score drops even further.

If Citi, who holds your mortgage, does not approve you... then chances are no other bank will do it either.

Ask yourself: Do you have enough equity built up in your house?
What is your house worth right now. Compare listing prices of similar homes in your area. How much of the mortgage is paid off already?
If you bought within the last 5 years... chances are you still owe too much to qualify for a home equity line of credit.

Cut up the credit cards and start paying them down... the times when you got a HELOC to pay off the cards are over.

2009-05-27 18:11:11 by Unbreakable

The best ways to pay off a home equity line of credit are by making payments over and above the minimum payment. Find out how to pay off a home ...

Information and resources on how to obtain low interest rates or lower your current interest rates on Home, Auto, Credit Card, and Student Loans can be found on the following website:

http://lowertheinterest.blogspot.com



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2008-03-01 18:55:05 by SurfsUp

And what's the best rate you can get, 1% or more below prime? Please share.

A HELOC (home equity line of credit) may or may not be what you actually are looking for. You may actually want to simply refinance your home. When you do so, you can get money out of your home or consolidate debt-- or both. A HELOC requires pretty high scores-- and will also mean that you are carrying a second loan. Look into refinancing....

2006-03-08 12:34:48 by missgrammy

Just bought a home 6 months ago. First time buyer also. Is it too soon to look into remodeling the home or should I wait for a year or more? Any responses will be greatly appreciated.

Too New to Know

Real answer is if you financed with less than 20% down you most likely have no equity, even if you had 20% you might not dependent upon your location have no equity as home prices have dropped dramatically, and are expected to drop even more during the next year, most likely almost 25%. So no would not be looking for a home equity loan at this moment. Would start reading the financial pages on CNN, FOX, Yahoo, etc.

2007-12-10 21:31:26 by Matthew K

We have a large mortgage and a HELOC.

Is there a proven method to reduce this fast? Can you make two or three payments a month?

Pay as much as you can over your minimum payment monthly.

2007-08-20 08:24:02 by Sunny Daze