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Question By
austinou88

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Any chance of me getting approved for a home equity loan?
So I'd like to take out a Home Equity Loan for $10,000 for some Home Improvements. I have a good Credit Score, and little debt. t I have a Personal Loan of $7,000 which i make payments of $186.00 a month, and then my mortgage which is $459.00 a month. I make about $2,300 a month. I want to go through my Credit Union since they have a good Home Equity Loan Rate/Program.
Would I have a chance at being able to get approved for that?

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Debt to income ratio utilizes your gross monthly income and you've given net. With those figures your ratio is at 28%, and figuring it with gross income would be even less. Most mortgage lending requires a minimum of a 620 score, and you're above that if you truly have a "good" credit score. Keep in mind mortgage interest is deductible on your federal tax return. Off hand I would say you're good to go.

As a side note, anytime you're paying interest is wasted money as on your personal loan.

Reply by
austinou88

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Thanks so much! I got accepted, so appreciate the help!

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Paycheck

Sorry, my Net Pay is $2,300 a month. 

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