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Home Improvement Loan (Little/No Equity)


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You will stand a bettr chance on getting a HELOC. Your credit scores are adequate for doing so. This will be the best way to get access to your equity, without being charged a disproportionate fee to refinance the great interest rate you already have. Refinance costs would eat up almost half of your equity. HELOC's are less costly.

I know everyone is goig to blast me on this. "Yeah, but a HELOC works like a credit card and the high ratio will lower your credit score because of the utilization factor, but I found a lender that we have always had, and they have a super nice option available.

Please tell me you are not from Texas. If so, I do not think they will let you get a cashout refinance for over 85% LTV.

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