Equity Loan Information
Are people ever denied HELOC or Home Equity Loans when they have a lot of equity in their home?
Say someone wanted a 30K Home Equity Loan and they had 200K in equity in their home. Would they get the loan everytime regardless of credit score and other factors?
Public Comments
- Nope credit score, amount of debt, and amount of possible debt (possible debt is if you have a lot of credit card accounts open even though you have no balance the fact you can get a balance hurts your ability to obtain further credit) are all taken into account.
- Your ability to repay any amount will be the critical factor. If you have no income, you will not be able to get a loan. If you do have an income and damaged credit, keep shopping you will be able to find a lender who is willing to make the loan. Be careful! Read your disclosures! And Shop SHOP SHOP! Good Luck ~ The Renegade Banker
- No! Equity alone is not a good enough reason to do a HELOC. However guidelines with this type of equity are very lax, and you can probably find a lender to do this for you.
