Reported 2 days ago
Obtaining a home equity line of credit (HELOC) or home equity loan can be challenging, with nearly half of applications denied due to reasons like poor credit, high debt-to-income ratios, or insufficient home equity. If denied, homeowners can improve their chances of approval by enhancing their credit score, reducing their debts, applying with different lenders, or considering alternative financing options like personal loans or shared equity agreements. Understanding the specific reasons for denial is crucial for reapplication success.
Source: YAHOO