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Need info on where to go to get a 125% LTV home equity LOC


piionline
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My home is worth about 165k and I owe 155k. both me and my wifes middle scores are in the 650-660's.

We have owned the home for 6 months and have a 36% Debt to income ratio currently.

I just want the line of credit so I can follow Grim's advice if CITI trys to screw me out of my 2% until paid off balance transfer on 24k..

I would like around 40k limit if possible.

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I don't know of all your circumstances but 125% Financing is VERY risky especially in this market.

There were 6 major newpaper articles yesterday reporting that he housing market is going to tank in 2006 and that housing prices should drop a certain amount as a result (5 - 15 % ) Also, with higher interest rates coming you would be nailed when the rate adjusts.

Just a couple of thoughts...

Good luck,

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I don't plan on taking the money out, I just want the line of credit to have access to it incase something happens and I lose my 2% APR on 24k of credit card debt. I don't have the limits to move it over to another card and I couldn't afford the payments if something happend and my apr spiked to 30% for some unforseen reason.

plus this would help my debt utilization ratio.

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