Having second thoughts on a home equity loan
My wife and I got approved for a loan based on our debt-income ratio a few months ago. We didn’t push through with the loan because of the uncertainty due to the pandemic. A home equity loan was offered by our current lender but we are having second thoughts due to the restrictions like not being able to use it for a second property. Any thoughts? by ranasta604 from Bloomfield, Connecticut. Nov 1st 2021
Barb Lanis (BarbLanis)
#69 ranked lender in Illinois - 679 contributions
You should be able to use your home equity line for any purpose, that's the whole point of it. If you want to use it to improve your existing home, buy a piece of land, a second home, pay off debts - there should be no restrictions on what you use it for. You would have been qualified (debt-to-income) based on a fully drawn line. Maybe that's what you are referring to?
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
Once you are given the home equity line of credit, you can use it for whatever you want. I lend in WI MN IA SD ND. Find me at WI-MortgageBroker.com - Cambria Mortgage - NMLS 274132
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