Why was our Home Equity Loan denied after already having one for 2 years? - home equity loan nj
My husband and I have a request for a loan and were rejected. We have one that we paid for 2 years an application for $ 20,000 $ 10,000 we (always on time!). They apply only - pay into a credit line of $ 60,000 - for our credit card debt, and the rest of the other home equity loans (which is 6.24%). The new bond is a variable rate of 3.5%, though it (less than a month but we pay more we pay) is much more than just pay the minimum amount of the CC. The fact is that we are) a loan or a mortgage on the house with my mother and my father (in fact, only the name of my mother. We have drafted a legal agreement, but we have lived very hard and we had to pay a lot in the last year or so - just our property taxes in the city (not so small in New Jersey). We do not list the actual mortgage application because it is a private loan. I do not know remember what we had for the first, and I have a copy. Is this the reason why wpreviously denied that there is no equity in the house (to see the house is in our name) and if the reason for this, what we do to show that we show equity in the home and the possibilities - my mother is a show of money that you be realistic? We lived in the house for 5 years and worth $ 550,000. Our credit scores are 749 and 769, so that we know that this is not the problem. Thank you and look forward to your advice.
Best regards,
Julie
Wednesday, January 13, 2010
Home Equity Loan Nj Why Was Our Home Equity Loan Denied After Already Having One For 2 Years?
4 comments:
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Hi Julie. You try to cheat. I suspect that the bank has taken in this area. But if you really find the answer to your question, please contact your banker!
Best wishes and good luck.
First, loans have become much more difficult to achieve in the past two years. In addition, the previous loan was $ 20K, which is much less than $ 60K, you're asking yourself. And if you ($ 50K credit card debt, loans of $ 60k is less) in the rest of the previous loan surprising that would grant a loan officer's discretion. And yes, get a mortgage from a lender who assumes that equity house, usually much less than the loan amount you require.
Talk to your lender, you probably say, why it was rejected.
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