Home Equity Line Of Credit
My wife has a credit score of 620 and she owes on her 1st mortgage about 101k....the house is worth about 120k how do we go abut getting a heloc for the property 
My wife has a credit score of 620 and she owes on her 1st mortgage about 101k....the house is worth about 120k how do we go abut getting a heloc for the property
Most HELOC's are credit driven Meaning that, your score is the sole factor. In my experience the minimum score is 650. Secondly, it doesn't sound like you have enough equity for a HELOC. They usually lend up to 80%LTV on a primary residence and higher if a credit score is above 680. This is just my experience and it might be different where you live. Call around to some banks and see what you discover. Good luck.
Matt
i know fleet bank offers heloc up to 100% of value...the interest rate is higher but there are no closing costs, just an annual fee of $50.00 to keep the loan open.
Try etrade for a LOC . No closing costs and 50 dollars a year cost. Rates are good. For my 90% LTV the rate is less than 5% now, would be .7 points higher for 100% LTV. The might balk over the credit score. Mine is over 700, so they gave me no grief. [ Edited by classimg on Date 11/06/2003 ]