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All Forum Posts by: Tam Tram

Tam Tram has started 1 posts and replied 2 times.

Private Lending & Conventional Mortgage Advice

Post: HELOC have you been approved in the past 1-2 months?

Tam TramPosted
  • Posts 2
  • Votes 0

Thank you!!

Sorry I didn't provide all the relevant information... the HELOC will be my primary lien. That's good news, I went through one lender and I wasn't denied but basically they weren't going to entertain me, even after I provided all relevant financial documents. My assumption is HELOCs don't make any money for the lender, therefore its not in their best interest which is understandable.

Good point on understanding the terms..  I didn't think about that.  I do know HELOCs are higher than the market mortgage rates and are variable which is fine by me.

Tam

0 Votes
Private Lending & Conventional Mortgage Advice

Post: HELOC have you been approved in the past 1-2 months?

Tam TramPosted
  • Posts 2
  • Votes 0

Has anyone been successful in getting a HELOC in the past 1-2 months? Just curious, I am hearing banks are tightening up... wasn't sure if I should go and get a HELOC on my primary home and be successful. DTI is 23.5% currently before any additional loans. Looking for a $80K+ HELOC for a property estimated at $350K.

0 Votes