The Finance Blogger

Questions about Home Equity Mortgage Loans

Home Equity Mortgage LoansWe received a question about  Home Equity Mortgage Loans from a reader and will answer his questions in our next post about  Home Equity Mortgage Loans. Many consumers have questions like these and we try to answer them as best we can. Everyone’s situation is a bit different. As a result we always encourage readers to obtain independent advice about their specific situation. We suggest that you talk to several people to get the best answer. Then make up your mind as to what you should do.

Question to Debt Counselor re – Home Equity Mortgage Loans::

We are looking for a  Home Equity Mortgage Loan and live in Lorain , Ohio. My wife and I have been married for 3 years and we both have jobs that give us a combined income of $65,000. We have been at the same employers for the past 5 years as well and have good stable jobs.

As far as we know our credit rating is good, yet we cannot seemed to get pre-approved for a  Home Equity Mortgage Loan for a home we want to purchase. Can you help us understand what our problem is, since the loan managers will not give us any information.

Do you currently have a mortgage? :: No, we currently rent

Home/Mortgage Loan Amount :: $150,000

Other Loans, Including Credit Cards:: We have a zero balance on all of our credit cards. We have between us 10 different credit cards.

Are you employed and for how long:: yes, for 5 years

Your credit rating to be – excellent, fair, or bad? :: Excellent as far as we know

Gross Amount Per Paycheck :: $2500 every two weeks combined

Do you agree to have this information published online, without your PRIVATE information of course? :: yes

Extra information here please (some detail)::

We have applied to several different banks and they all come back with a declined decision. They have offered nothing to help us understand what the issue is or what we should do about it. We would like to be pre-approved for a 25 year mortgage so that we can make a firm offer on a home when we see one that interests us. We also only have $10,000 to put down as a down payment on a home we buy. Can you help us get approval or at least tell us what we need to do to improve our chances.

If you have a question about debt, loans , mortgages or other financial situations, please feel free to leave a comment with as much detail about your situation as you can. We will try to answer your question in our next post. You can also leave comments as well. excellent comments on subject will also be approved with a link back to your web site.

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One Response to “Questions about Home Equity Mortgage Loans”

  1. i have a home equity loan that is really a credit line. in other words i can draw on it at any time up to the limit specified and then pay it down any time. the problem with this home equity loan is that it is like a credit card. it is now up to the max and i cannot seem to repay the loan.

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