HelpFixMyCredit Posted April 12, 2004 Report Share Posted April 12, 2004 Hey Guys,Purchased home in June 2003 with unfinished basement. Chances for HELOC .. little or slim (been in home less than 1yr). My question is..Where can I get a loan w/reasonable rates to hire contractor to finish off basement?Credit Scores..EQ 686TU 666EX 660Any help is greatly appreciated.. Link to comment Share on other sites More sharing options...
firstsource Posted April 13, 2004 Report Share Posted April 13, 2004 If you have some equity in your home, you may be able to get a HELOC with less than a years time in the home, it is sure worth a try. Charles Link to comment Share on other sites More sharing options...
HelpFixMyCredit Posted April 14, 2004 Author Report Share Posted April 14, 2004 According to builder, similiar homes are selling for 8k more now. I tried E-LOAN to no avail (they require middle score of 680 for 100% loans, missed the requirement by 5 measley points!). Any other places you can suggest to get 100% HELCO? Link to comment Share on other sites More sharing options...
amortgageman Posted April 15, 2004 Report Share Posted April 15, 2004 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. Link to comment Share on other sites More sharing options...
HelpFixMyCredit Posted April 16, 2004 Author Report Share Posted April 16, 2004 I'm not from Texas, residing near Atlanta, GA (right outside of city limits). Where can I get the process started for HELOC and how much will it cost me? Link to comment Share on other sites More sharing options...
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