Best Home 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

A home equity loan and a home equity line of credit both provide money from the value of your home. But each one has its pros and cons.

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

My husband wants to go to an evening mba program, while he continues to work full time. The program lasts 18mo, and costs about $50K for the entire program. We are supposed to pay in 6 installments. We have more than enough equity in our home to take out a line of credit. I'm wondering which is a better choice, doing a federal student loan, or using a line of credit. I'm thinking that the line of credit is a good choice, because we don't have to borrow all the money at once. Drawing from it every 3 months, for 18 months. We hope to pay the loan off within 5-7 years after graduation.

I don't have any experience with federal student loans, so would like to know how the two options compare.

thanks.
I understand that the federal loans have a limit. There is no way that a single loan would cover the approx. 25K/year we would need for 2 years.

Usually on Federal Student Loans you do not have to start repaying the debt until after school is complete. In fact, there is a grace period of six months that you don't have to start repaying it. Also, the student loans have a lower interest rate than home equity loans.

2007-02-23 12:47:07 by zooper