Trying to get a home equity loan, do we qualify

Hi Brenda,Unfortunately we do not offer home equity lines of credit. Do you have a mortgage currently that you could possibly refinance and pull some cash out? You will need equity for either of these loan options.

You shouldn't have a problem finding a first lien home equity line of credit.. For most lenders, they want to see 640 or above.. But there are lenders out there who will go with lower scores. But they will all be adjustable rates. If you don't want an adjustable, then you might consider a cash out refinance.. You get one lump sum, not a line of credit, and a fixed rate. The best advice I can give you is to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Home Equity Lines of Credit (HELOCs) are fairly easy to obtain, especially if you have a free and clear residence. Even though you have had some setbacks, I would start with a local Community Bank or a Credit Union. Frankly, they do HELOCs easier and better than most Mortgage Bankers/Brokers in most cases. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

Brenda,I would recommend contacting your local bank or credit union with whom you have a banking relationship, as they should be able to easily accommodate your needs.Best of luck!