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Has anyone taken a HELOC lately?
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Has anyone taken a HELOC lately?
wondering how hard it would be to get one right now.
Message edited 12/15/2008 4:16:47 PM.
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Posted 12/15/08 3:43 PM  |
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CaMacho
Sisters :)
Member since 7/06 15112 total posts
Name:
Jess
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Re: Has anyone take a HELOC lately?
We don't have one and aren't looking into one so i'm not sure how accurate my info is, but I'm pretty sure that here in FL you can only get a HELOC or HELoan up to 60% of the value.
So, if you owe $200k on your home and it's valued at $250k you have $50k of equity, but you still owe 80% of the value so you wouldn't be able to get the loan.
But, if you only owe $100k on your home and it's valued at $250k you owe 40% so you'd only be able to take a HELOC for that 20% - or $50k - (which would put you up to 60%). I hope that makes sense.
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| Posted 12/15/08 4:05 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Has anyone take a HELOC lately?
yes, that makes sense. I think we're ok.
I'm not looking to take out that much at all though.
I was just wondering about the credit markets in general. I am qualified I think but I know it can be tricky now.
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| Posted 12/15/08 4:11 PM |
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Jenn627
Laaaaaaaambert!
Member since 5/08 9818 total posts
Name:
Jenn
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Re: Has anyone take a HELOC lately?
Yes - DENIED - twice.
We went to BoA (who's holding our mortgage) and Bethpage Federal Credit Union - we should be qualified damn it!!!! 
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| Posted 12/15/08 4:13 PM |
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CaMacho
Sisters :)
Member since 7/06 15112 total posts
Name:
Jess
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Re: Has anyone take a HELOC lately?
Posted by Blu-ize
I was just wondering about the credit markets in general. I am qualified I think but I know it can be tricky now.
I don't think banks are flat out not giving them out, I still HELOC rates advertised on bank sites so if you have equity and good credit you should have no problem. Good luck!
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| Posted 12/15/08 4:14 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Has anyone take a HELOC lately?
Posted by Jenn627
Yes - DENIED - twice.
We went to BoA (who's holding our mortgage) and Bethpage Federal Credit Union - we should be qualified damn it!!!!
crap. Sorry to hear that.
did they say why? How long ago was this?
Message edited 12/15/2008 4:15:23 PM.
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| Posted 12/15/08 4:15 PM |
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