HELOC

Question

We have never had equity in our home (bought in 2004, sold in 2016 for a loss, bought another house).  Our current house has about 25% equity and we are considering taping that in order to renovate the 40 year old kitchen and replace the carpet.  It was suggested to us that we get a home equity line of credit so we can pay for part of the renovation in cash (we have always paid cash but it limits when/how much we can do) Our current cabinets are beyond repair, we have tried.  We don’t really know where to start with the HELOC, do we reach out to a bank or a mortgage company?

Laura Ann Klein · Answer

I spoke to a broker and my bank, my scores are also above 700 with average income to debt ratio. I hope you have better luck than I did!

Laura Ann Klein · Answer

I tried to pull money out in March. These loans are limited due to the recession. My lender told: In 2008 many people did this then defaulted on the loan due to joblessness and used the equity to live on. The banks are gun shy. But my income isn’t stellar so that may have informed my brokers reticence to move forward.

HELOC

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