I have been looking to get a HELOC, but have been turned down by 3 banks (including my own mortgage company) due to a high DTI.

Asked by armonkdc, Bedford, NY Tue May 21, 2013

I have a lot of equity in the home, but due to a recent employment change, my DTI is not "favorable
to the lenders. I want to use the HELOC for debt consolidation and a little breathing room. Can anyone help?

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Gail Gladsto…, Agent, 11743, NY
Tue May 21, 2013
Please call Brian Tom at Cliffco Mortgage Bank, 516-448-2434
0 votes
ewlin cueto, Agent, yonkers, NY
Tue May 21, 2013
Try lendinclub.com and prosper.com , they can each put $25-$35k in your bank. Lending club just got google to buy stakes . It's very legit and worth a try.
0 votes
Rich Golio,…, Agent, White Plains, NY
Tue May 21, 2013
Please call me directly, 914-304-4320
I can put you in touch with many Bankers and Mtg Brokers that can try to help.
I am confident they can.
0 votes
armonkdc, Home Owner, Bedford, NY
Tue May 21, 2013
I agree that that is risky...I want to use the HELOC to debt consolidate...by doing that, I can pay more to the total sum of my outstanding debt as the interest rate on the HELOC is significantly less than that of any credit card, thereby reducing the debt, increasing my credit score and allowing me to sleep better.
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Simon Campbe…, Agent, Miami Beach, FL
Tue May 21, 2013
I can see why a lender would refuse the HELOC. Using home equity to float through the hard times is extremely high risk. If your financial situation becomes worse, then you will lose your home too. Rather than risking your home, I would recommend paying as much as absolutely possible on the highest interest debt. You will be surprised how quickly you can pay down debt and sleep much better.
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