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i'm just looking for a Home equity to do some repairs on my home.
my own mortgage lender declined me.
they know i've paid my mortgage, taxes, etc, etc on time and have perfect credit, been at the same job for 15 years and they still declined a 20k loan.
just my current savings account total can cover the entire loan right now. my savings has never been touched in 4 years.
i'm kinda pissed about this right now.
I know it's never the final word so how can i sway them to give me the $$$???
i'm just looking for a Home equity to do some repairs on my home.
my own mortgage lender declined me.
they know i've paid my mortgage, taxes, etc, etc on time and have perfect credit, been at the same job for 15 years and they still declined a 20k loan.
just my current savings account total can cover the entire loan right now. my savings has never been touched in 4 years.
i'm kinda pissed about this right now.
I know it's never the final word so how can i sway them to give me the $$$???
Did you ask them to provide you a reason as to why they declined the loan? If the lender is turning you down and you have no issues with your credit then maybe you don't have enough equity in the house if you're applying for an equity loan. How long have you had the mortgage on the house and has the home increased in value? If your home is worth less than what you owe on the mortgage then that may be a reason why they're declining.
FWIW, you can't sway them. If you can, let me know how
i'm still waiting to discuss with the loan specialist.
the home is valued 80k higher than what i owe on the mortgage. maybe even more now since i just got a brand new roof
Ok--then best to have them explain why the loan was denied. When was the appraisal done that valued the home $80k higher than what you owe? Was the roof done after the appraisal?
i'm just looking for a Home equity to do some repairs on my home.
my own mortgage lender declined me.
they know i've paid my mortgage, taxes, etc, etc on time and have perfect credit, been at the same job for 15 years and they still declined a 20k loan.
just my current savings account total can cover the entire loan right now. my savings has never been touched in 4 years.
i'm kinda pissed about this right now.
I know it's never the final word so how can i sway them to give me the $$$???
Here's an idea- Instead of relying on the bank and paying interest, borrow some money from your savings acct to do the most urgent repairs. As time goes on, pay yourself back as you would have the HE Loan and repeat again for the next repair.
As an FYI: Under the Equal Credit Opportunity Act, a lender is required to tell you why you were declined for credit within 60 days, and a vague answer like "you didn't meet the requirements" is not legally sufficient. They have to give you a more specific reason (like "your income is too low" or "your debt-to-income ratio didn't meet our standards" or something like that).
they told me my house was appraised at $270 which is major BS. i could sell it for $370 in a week.
i don't know where they get their info from but in my area if there is a normal looking and decent home selling for 300k it's gone.
my home is one of the nicer ones on my block and i have new windows and roof. Also just got central air.
how do i get them to re-appraise my home? nobody ever checked out my house when they came up with the original appraisal
Are you selling your house? If so, the lender usually orders an appraisal after they received a copy of the fully executed contract. The appraiser will call the listing agent to make an appointment for the appraisal.
Are you saying no one came to look at the inside of the house?
You say that your house is one of the nicer ones on your street but that is probably hurting you because the crumminess houses bring your value down. I was always told never to have the nicest house on the street for that reason.
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