My home is valued at 246k and I've got a current mortgage of 147k. Is it possible for me to take a HELOC out on the house? I'm looking for a around 20-30k in credit from the home. Credit score has remained 720-735 for the past three years and I believe I have a DTI of around 33%. by inconc_808_768 from Tuscaloosa, Florida. Dec 7th 2011
Sound very possible. I would recommend Brightstar Credit Union which you can locate on the web. They currently have the best HELOC I have noticed in the market. Alternatively, you can probably do a cash out refinance. If that's of interst please conact me directly at 954-449-1767or smcwilliam@FloridaStateMortgageGroup.com.
Thank you for your question.From the information you've shared, I would say yes.What are your plans for the additional monies? Perhaps you should look at your current mortgage terms, first.What rate do you currently have, how much time is left? Feel free to call me directly, I'll be happy to speak to you, no charge ofcourse.5613920040.
Please feel free to contact if you would like to discuss further. It sounds like you could get a HELOC but depending on how many years you have left on your current loan and the rate it could make more sense to do a cash out refinance. Michelle & Benny 201-962-3555 TeamAmbassador@BestMortgageOption.com
Most HELOCs will go to 80% - 85% LTV. Even with the HELOC payment your DTI should be OK. .... Good luck. ... Happy funding, Rudi
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