i am wanting to get a home equity loan. on the !st i owe 217K it will appraise around 340K my fico is approx 680. Do i have to go full doc? Any one know.
You can definetly do a stated income HELOC. All of the national lenders have them.
thanks for response. though i am thinking that i do not want to do line of credit----i want to go fixed so home equity loan—correct…? i have heard local bank—i have credit union—does it really matter? thanks again.
There are HELOCs with rate locks. You can take out say…100k. If you use only 25k in one lump sum and you are done for now, you can lock that 25k in at a fixed rate. Most of them come with 3 locks. Therefore you can have 2 more locks for when you need them. When you lock them, it is a fixed interest rate. I do not see prime creeping up too much higher anyways, but maybe I am wrong.