Why was our Home Equity Loan denied after already having one for 2 years?

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5 Responses to “Why was our Home Equity Loan denied after already having one for 2 years?”

  1. Jennifer says:

    Hi,
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  2. Doctor J says:

    Hi Julie. You are attempting to commit fraud. I suspect the bank picked up on this. But if you really want to know the answer to your question, ask your banker!

    Best wishes and good luck.

  3. Baby boy due March 7, 2010 says:

    Well to get a home equity loan you have to get the house appraised the bank isn’t going to just take your word for it. You don’t just put what amount you say it’s worth. Any appraiser comes out and gets the value of your home and they go off that amount. If you already have a home equity loan that might be why they denied you. You really need to ask the person that you did the application since they know whats going on not us.

  4. Judy says:

    For one thing, loans have gotten a lot harder to get over the last couple years. For another, your earlier loan was $20K which is a LOT less than the $60K you’re asking for now. And if you have $50K of credit card debt (the $60K loan minus the rest of the earlier loan) it’s no surprise that a loan officer would be reluctant to approve it. And yes to get a HOME EQUITY loan a lender requires that you have home equity, usually significantly more than the amount of the loan you are asking for.

    Talk to the lender, they’ll probably tell you why you were denied.

  5. Jack says:

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