Are banks still doing Home Equity loans? We are one of the few who still have equity in our home (we bought in 2001). Looking to consolidate some CC debt.

There are still a few depository banks and some mortgage lenders doing home equity loans. The guidelines have been increased significantly to the point that only the top tier borrowers can qualify. LTV's typically max out at 90% and rates are in the 7-8% range. Depending on your cash requirements it may make more sense to do a full refinance with cash out to pay down your cards. Do a comparison of both to determine your savings and payback period. the lower rate on the first mortgage may more than offset the increased costs of the refinance.

Hello Stephanie, Banks are still doing home equity loans. The majority of them will lend between 80%-90% depending on the lender, income, credit, and where the property is located. We work with a number of banks that still offer this product, but the requirements are very particular. I would be happy to discuss this with you in detail. My email address is mrafeh@loancentersusa.com.Mark RafehPresident