{"id":27901,"date":"2026-03-31T22:14:36","date_gmt":"2026-03-31T22:14:36","guid":{"rendered":"https:\/\/alertfinnews.com\/?p=27901"},"modified":"2026-03-31T22:14:37","modified_gmt":"2026-03-31T22:14:37","slug":"what-to-do-if-youre-denied-a-heloc-or-home-equity-loan","status":"publish","type":"post","link":"https:\/\/alertfinnews.com\/?p=27901","title":{"rendered":"What To Do If You\u2019re Denied A HELOC Or Home Equity Loan"},"content":{"rendered":"<div>\n<div id=\"block_fa1a619da5746a13ed0e1cfcbec7bc1c\" class=\"key-takeaways sm:border-l-4 border-(--accent) sm:pl-8 my-8 relative\" style=\"--accent: var(--color-blue-medium)\">\n    <!-- htmlmin:ignore --><\/p>\n<h2 class=\"heading-4 mt-0 mb-4 text-crop-none max-sm:flex max-sm:items-center max-sm:gap-4\" id=\"key-takeaways\" data-position=\"0\" data-beam-element-viewed=\"\" data-id=\"br-h2-0-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Key takeaways\" data-outcome=\"\">\n    <span class=\"shrink-0\">Key takeaways<\/span><br \/>\n        <span class=\"max-sm:h-0.5 max-sm:w-full max-sm:w-full max-sm:bg-(--accent) max-sm:rounded-full max-sm:block\"\/><br \/>\n    <\/h2>\n<p>    <!-- htmlmin:ignore --><\/p>\n<ul class=\"flex flex-col text-gray-700 mb-0 gap-2 list-disc\">\n<li class=\"pl-4 relative marker:text-(--accent)\">\n                                                             Getting approved for a HELOC or home equity loan isn\u2019t easy, with nearly half of applications denied.\n                                                <\/li>\n<li class=\"pl-4 relative marker:text-(--accent)\">\n                                                            Poor credit, a high debt-to-income ratio or a large outstanding mortgage balance may contribute to being rejected for a HELOC or home equity loan. &#13;<\/p>\n<\/li>\n<li class=\"pl-4 relative marker:text-(--accent)\">\n                                                            If you are denied, paying down your mortgage or adjusting your ask, improving your credit score and paying off debts can boost your chances when you reapply.\n                                                <\/li>\n<li class=\"pl-4 relative marker:text-(--accent)\">\n                                                            Alternative forms of financing such as a personal loan, credit card or shared equity agreement may be good options to consider if you were recently denied.\n                                                <\/li>\n<\/ul>\n<\/div>\n<p>A home equity loan or home equity line of credit (HELOC) is a good way to tap into funds that can be used to eliminate high-interest debts, pay for home renovations or tackle other significant expenses. <\/p>\n<p>But it is more difficult to get a second mortgage than a primary mortgage. This is because a lender can\u2019t sell home equity loans on the secondary market as readily as it can purchase primary mortgages. Then, in the event of a borrower default, the lender is second in line to recover their funds, behind the primary mortgage lender. So they\u2019re taking on more risk by giving you money.<\/p>\n<p>Roughly half of the applications do not get approved \u2014 far more than the rate of primary mortgage denials. If you are denied, here are seven things you can do about it, along with ways to boost your chances of getting approved.<\/p>\n<div class=\"Callout flex flex-col gap-y-6 border-4 border-solid border-blue-100 rounded-lg py-8 px-6 md:px-10 mt-8 mb-16\">\n            <!-- htmlmin:ignore --><\/p>\n<p>\n    47.59%\n    <\/p>\n<p>    <!-- htmlmin:ignore --><\/p>\n<p>\n        The denial rate on HELOC applications in the fourth quarter of 2024.<br \/>\n\u00a0<\/p>\n<p class=\"SourceLinkList text-gray-700 m-0\">Source:<\/p>\n<p>                    Home Mortgage Disclosure Act\n            <\/p>\n<\/p><\/div>\n<h2 id=\"understand\" data-position=\"1\" data-beam-element-viewed=\"\" data-id=\"br-h2-1-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Understand why you were denied\" data-outcome=\"\">Understand why you were denied<\/h2>\n<p>First things first: Find out why your application was denied.<\/p>\n<p>\u201cLenders will share the reason very specifically, but you may have to ask,\u201d says Tom Hutchens, president of Angel Oak Mortgage Solutions, a non-qualified mortgage lender based in Atlanta, Georgia. \u201cFind out the reason and if it seems like there\u2019s a way to get over that hurdle, then continue on.\u201d<\/p>\n<div class=\"DefinitionList mb-8 DefinitionList--table\">\n<dl>\n<div class=\"Definition-item flex\">\n<dt class=\"text-gray-900\">Credit score<\/dt>\n<dd class=\"text-gray-700\">\n<p>Minimum score of 640 or higher<\/p>\n<\/dd>\n<\/div>\n<div class=\"Definition-item flex\">\n<dt class=\"text-gray-900\">Ownership stake<\/dt>\n<dd class=\"text-gray-700\">\n<p>At least 15% to 20% equity in the home<\/p>\n<\/dd>\n<\/div>\n<div class=\"Definition-item flex\">\n<dt class=\"text-gray-900\">Debt-to-income ratio<\/dt>\n<dd class=\"text-gray-700\">\n<p>Below 43%<\/p>\n<\/dd>\n<\/div>\n<div class=\"Definition-item flex\">\n<dt class=\"text-gray-900\">Combined loan-to-value ratio<\/dt>\n<dd class=\"text-gray-700\">\n<p>No more than 80% to 85%<\/p>\n<\/dd>\n<\/div>\n<div class=\"Definition-item flex\">\n<dt class=\"text-gray-900\">Income<\/dt>\n<dd class=\"text-gray-700\">\n<p>No set level, but you will need to demonstrate stable, sufficient income to handle all obligations<\/p>\n<\/dd>\n<\/div>\n<\/dl>\n<\/div>\n<p>Successful applicants tend to have high credit scores and low levels of debt, including relatively small outstanding mortgage balances (less than half their home\u2019s value).<\/p>\n<h2 id=\"increase\" data-position=\"2\" data-beam-element-viewed=\"\" data-id=\"br-h2-2-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Increase your home equity stake\" data-outcome=\"\">Increase your home equity stake<\/h2>\n<p>Lenders calculate how much to let you borrow by calculating your combined loan-to-value ratio (CLTV). This ratio compares the total amount of loans secured by your property to its appraised value, and it includes both your mortgage amount <em>and<\/em> the amount of the loan or credit line you\u2019re requesting. Generally, lenders prefer a CLTV of no more than 80% to minimize their risk. In other words, they\u2019ll only lend you up to 80% of your home\u2019s worth.<\/p>\n<p>If you\u2019re already carrying a sizable mortgage, this could be a problem. \u201cOnce an appraisal [in the home] is done, they might find that there\u2019s not enough equity left to get a HELOC while keeping the CLTV at 80%,\u201d Hutchens explains. He notes that some homeowners might face challenges if they made a small down payment, have not paid off much of their mortgage, or if their property hasn\u2019t appreciated much.<\/p>\n<p>\u201cIf there is not enough equity in the home, that would be a hard one to fix,\u201d Hutchens allows. If the appraisal is the problem, you can request a second one from another appraiser, or a re-do by the first. For the latter, you\u2019ll need to pinpoint some actual errors in the report, though \u2014 like a miscalculation of the home\u2019s square footage or facilities, or inappropriate comps (comparable homes that have recently sold).<\/p>\n<p>Otherwise, if your ownership stake is falling short, you should hit pause on your plans and work on building your equity. You can do this by paying down your mortgage faster with extra payments or making home improvements to boost your home\u2019s value (assuming you can afford to).<\/p>\n<h2 id=\"adjust\" data-position=\"3\" data-beam-element-viewed=\"\" data-id=\"br-h2-3-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Adjust your ask\" data-outcome=\"\">Adjust your ask<\/h2>\n<p>If your equity stake is insufficient for the amount of funds you want, attack the problem from the opposite angle: Adjust the size of your loan request. Consider asking for a smaller loan or credit line \u2014 one that\u2019ll fit the CLTV limits the lender sets. You could also accept a higher annual percentage rate (APR). By being flexible with these terms, you may reduce the perceived risk for the lender, potentially making it easier for them to approve your application.<\/p>\n<p>Using an online home equity calculator can help you determine how much you may be able to borrow. This information can helpful when figuring out how much loan realistically fits your budget. To use the calculator, you enter the fair market value of your home and the amount left to repay on your mortgage, along with your zip code and credit score. With this information the calculator will tell you exactly how much of home equity loan you might be able to take from your home.<\/p>\n<div class=\"Callout flex flex-col gap-y-6 border-4 border-solid border-blue-100 rounded-lg py-8 px-6 md:px-10 mt-8 mb-16\">\n            <!-- htmlmin:ignore --><\/p>\n<p>\n    44.6%\n    <\/p>\n<p>    <!-- htmlmin:ignore --><\/p>\n<p>\n        Percentage of mortgaged residential properties in Q4 2025 that are \u201cequity rich\u201d: The outstanding loans on them total no more than half their estimated market values<br \/>\n\u00a0<\/p>\n<p class=\"SourceLinkList text-gray-700 m-0\">Source:<\/p>\n<p>                    ATTOM\n            <\/p>\n<\/p><\/div>\n<h2 id=\"boost\" data-position=\"4\" data-beam-element-viewed=\"\" data-id=\"br-h2-4-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Boost your credit score\" data-outcome=\"\">Boost your credit score<\/h2>\n<p>If your credit score is 700 or above, you\u2019re in a good position to get approved for a HELOC or HELoan. In fact, the average score for HELOC borrowers in the third quarter of 2024 was 763, according to Home Mortgage Disclosure Act data.<\/p>\n<p>\u201cSurprisingly, many folks are not as aware of their credit score as they probably should be,\u201d says Ralph Herrera, Realtor and senior real estate advisor at Engel &amp; V\u00f6lkers Atlanta, a real estate service provider based in Georgia. \u201cFolks don\u2019t pay attention to that until maybe it\u2019s too late. A little bit of planning in advance is helpful to prepare.\u201d<\/p>\n<p>If your credit score was the reason for denial, start by reviewing your credit report for any errors that could be affecting your score. Dispute any inaccuracies with the credit bureaus. Additionally, enhance your chances of approval by paying down your debt, making payments on time, and steering clear of opening new credit accounts.<\/p>\n<h2 id=\"pay\" data-position=\"5\" data-beam-element-viewed=\"\" data-id=\"br-h2-5-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Pay down your debts\" data-outcome=\"\">Pay down your debts<\/h2>\n<p>When applying for a home equity loan, lenders check your debt-to-income ratio (DTI) to ensure you can comfortably handle the extra obligation. DTI is the percentage of your monthly income that goes toward paying your regular, monthly debts.<\/p>\n<p>A high DTI can be a significant obstacle in getting approved for a HELOC and a home equity loan. Most home equity lenders look for a DTI ratio no greater than 43%, and the median DTI of a HELOC borrower was 41.45% in Q3, according to HMDA data. \u201cWith property values being high, if someone bought a house within the last couple of years and their interest rate is higher than those prior to that, then borrowers are running into some DTI challenges,\u201d says Hutchens. <\/p>\n<p>To improve your chances of approval, work on reducing your existing debt by paying off high-interest loans and credit cards. Increasing your income through extra work or negotiating raises are other ways to lower your DTI.<\/p>\n<h2 id=\"apply\" data-position=\"6\" data-beam-element-viewed=\"\" data-id=\"br-h2-6-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Apply with a different lender\" data-outcome=\"\">Apply with a different lender<\/h2>\n<p>If one lender turns you down for a HELOC or HELoan, don\u2019t give up. Try applying with a different lender, as each has its own criteria and risk tolerance. You could always seek out a lender who allows a bigger CLTV (say, 85% or 90%).<\/p>\n<p>\u201cThere are lots of different loan programs and lots of different HELOCs out there,\u201d says Hutchens. \u201cActually, they\u2019re very highly sought-after right now. There\u2019s liquidity in the market, meaning lots of investors are interested in owning HELOCs.\u201d<\/p>\n<p>If you are considering reapplying with the same lender, remember to wait a while before submitting a new request. The waiting period varies by lender, but you\u2019ll want it to be at least a month and maybe up to six months, depending on the reasons for the denial. The longer the better \u2014 if you\u2019ve used the time to improve your financial profile, credit score or employment history.<\/p>\n<div class=\"Callout flex flex-col gap-y-6 border-4 border-solid border-blue-100 rounded-lg py-8 px-6 md:px-10 mt-8 mb-16\">\n            <!-- htmlmin:ignore --><\/p>\n<p>\n    $204,000\n    <\/p>\n<p>    <!-- htmlmin:ignore --><\/p>\n<p>\n        The amount of tappable equity that the average mortgage-holding homeowner has\u2013that is, borrow against while maintaining a 20% equity stake in the home<\/p>\n<p class=\"SourceLinkList text-gray-700 m-0\">Source:<\/p>\n<p>                    ICE Mortgage Monitor\n            <\/p>\n<\/p><\/div>\n<h2 id=\"alternatives\" data-position=\"7\" data-beam-element-viewed=\"\" data-id=\"br-h2-7-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Consider alternative financing options\" data-outcome=\"\">Consider alternative financing options<\/h2>\n<p>Improving your finances takes time. If you\u2019re in a hurry, it might be better to consider alternatives to home equity loans. Common ones include:<\/p>\n<h3>Personal loans<\/h3>\n<p>Personal loans are unsecured, which means they eliminate the risk of using your home as collateral. They also have fixed monthly payments. This type of funding can also be quicker and easier to obtain than home equity options, and some lenders even offer same day funding. However, personal loans often have higher interest rates and shorter repayment terms than a HELOC.\u00a0<\/p>\n<p><strong>Best for: <\/strong>A personal loan can be a good option if you need money quickly and want predictable monthly payments.<\/p>\n<div id=\"block_70e39b4c05a3eff18f9c7690f258e4d0\" class=\"flex flex-col gap-8 my-6 not-wysiwyg\">\n<div class=\"ProsAndConsTable\">\n<div class=\"ProsAndConsItem\">\n<div class=\"ProsAndConsItem-headerContainer flex items-center gap-2\">\n<div><\/div>\n<p>            <!-- htmlmin:ignore --><\/p>\n<h4 class=\"ProsAndConsItem-header\">\n    Pros<br \/>\n    <\/h4>\n<p>    <!-- htmlmin:ignore -->\n        <\/div>\n<ul class=\"ProsAndConsItem-list\">\n<li>Unsecured<\/li>\n<li>Quick funding<\/li>\n<li>Fixed payments<\/li>\n<\/ul><\/div>\n<div class=\"ProsAndConsItem\">\n<div class=\"ProsAndConsItem-headerContainer flex items-center gap-2\">\n<div>\n                <img decoding=\"async\" src=\"https:\/\/alertfinnews.com\/wp-content\/uploads\/2025\/06\/remove-circle.svg.svg+xml\" alt=\"Red circle with an X inside\"\/>\n            <\/div>\n<p>            <!-- htmlmin:ignore --><\/p>\n<h4 class=\"ProsAndConsItem-header\">\n    Cons<br \/>\n    <\/h4>\n<p>    <!-- htmlmin:ignore -->\n        <\/div>\n<ul class=\"ProsAndConsItem-list\">\n<li>Higher interest<\/li>\n<li>Shorter repayment timeline<\/li>\n<\/ul><\/div>\n<\/div><\/div>\n<h3><strong>Credit cards<\/strong><\/h3>\n<p>Credit cards can be a good option if you have minor expenses to cover and can be a good way to build your credit score. However, the high interest rates and late payment fees associated with credit cards make them less suitable for large sums, as your debt can mount quickly. But if you can pay off the balance quickly, credit cards can be a helpful alternative to a HELOC.<\/p>\n<p><strong>Best for: <\/strong>Credit cards are best if you have smaller expenses or want to grow your credit score.<\/p>\n<div id=\"block_47d873e002cfd5e8a35088935b464afd\" class=\"flex flex-col gap-8 my-6 not-wysiwyg\">\n<div class=\"ProsAndConsTable\">\n<div class=\"ProsAndConsItem\">\n<div class=\"ProsAndConsItem-headerContainer flex items-center gap-2\">\n<div>\n                <img decoding=\"async\" src=\"https:\/\/alertfinnews.com\/wp-content\/uploads\/2025\/06\/circle-check.svg.svg+xml\" alt=\"Green circle with a checkmark inside\"\/>\n            <\/div>\n<p>            <!-- htmlmin:ignore --><\/p>\n<h4 class=\"ProsAndConsItem-header\">\n    Pros<br \/>\n    <\/h4>\n<p>    <!-- htmlmin:ignore -->\n        <\/div>\n<ul class=\"ProsAndConsItem-list\">\n<li>Builds credit<\/li>\n<li>Convenient<\/li>\n<li>Cash back or travel rewards<\/li>\n<\/ul><\/div>\n<div class=\"ProsAndConsItem\">\n<div class=\"ProsAndConsItem-headerContainer flex items-center gap-2\">\n<div>\n                <img decoding=\"async\" src=\"https:\/\/alertfinnews.com\/wp-content\/uploads\/2025\/06\/remove-circle.svg.svg+xml\" alt=\"Red circle with an X inside\"\/>\n            <\/div>\n<p>            <!-- htmlmin:ignore --><\/p>\n<h4 class=\"ProsAndConsItem-header\">\n    Cons<br \/>\n    <\/h4>\n<p>    <!-- htmlmin:ignore -->\n        <\/div>\n<ul class=\"ProsAndConsItem-list\">\n<li>Risk of accumulating debt<\/li>\n<li>High interest<\/li>\n<li>Fees and penalties<\/li>\n<\/ul><\/div>\n<\/div><\/div>\n<h3>\n<strong><br \/>Shared equity agreement<\/strong>s<\/h3>\n<p>A shared equity agreement is an investment rather than a loan. It involves selling a percentage of your home\u2019s value or appreciation to an investor in exchange for a lump sum of cash immediately from a home equity investing firm. You don\u2019t make monthly repayments of principal or interest with this type of borrowing. Instead you will be required to pay back the investor after the home is sold or at the end of a 10- to 30-year period.\u00a0<\/p>\n<p><strong>Best for: <\/strong>If you have poor credit or large debts and want to avoid having to make monthly loan payments.<\/p>\n<div id=\"block_5e9ed7852a61abdc827421b6d74366ae\" class=\"flex flex-col gap-8 my-6 not-wysiwyg\">\n<div class=\"ProsAndConsTable\">\n<div class=\"ProsAndConsItem\">\n<div class=\"ProsAndConsItem-headerContainer flex items-center gap-2\">\n<div>\n                <img decoding=\"async\" src=\"https:\/\/alertfinnews.com\/wp-content\/uploads\/2025\/06\/circle-check.svg.svg+xml\" alt=\"Green circle with a checkmark inside\"\/>\n            <\/div>\n<p>            <!-- htmlmin:ignore --><\/p>\n<h4 class=\"ProsAndConsItem-header\">\n    Pros<br \/>\n    <\/h4>\n<p>    <!-- htmlmin:ignore -->\n        <\/div>\n<ul class=\"ProsAndConsItem-list\">\n<li>No monthly payments<\/li>\n<li>Easier to qualify<\/li>\n<li>No interest<\/li>\n<\/ul><\/div>\n<div class=\"ProsAndConsItem\">\n<div class=\"ProsAndConsItem-headerContainer flex items-center gap-2\">\n<div>\n                <img decoding=\"async\" src=\"https:\/\/alertfinnews.com\/wp-content\/uploads\/2025\/06\/remove-circle.svg.svg+xml\" alt=\"Red circle with an X inside\"\/>\n            <\/div>\n<p>            <!-- htmlmin:ignore --><\/p>\n<h4 class=\"ProsAndConsItem-header\">\n    Cons<br \/>\n    <\/h4>\n<p>    <!-- htmlmin:ignore -->\n        <\/div>\n<ul class=\"ProsAndConsItem-list\">\n<li>Reduces profit of home sale<\/li>\n<li>Limited availability<\/li>\n<\/ul><\/div>\n<\/div><\/div>\n<h3>\n<strong><br \/><\/strong><strong>Loans from friends or family<\/strong><br \/>\n<\/h3>\n<p>Loans from friends or family can often be more flexible and cost-effective. This type of borrowing allows you to avoid an application process and may even involve little to no interest, depending on the agreement you reach with the friend or family member you borrow money from.<\/p>\n<p>However, make sure you set clear expectations and repayment terms from the beginning to prevent misunderstandings and potential strains on your relationships. The money you are borrowing may also cause a financial strain for your friend or family, particularly if you are unable to repay the debt.<\/p>\n<p><strong>Best for:\u00a0<\/strong><\/p>\n<div id=\"block_ca7ad9979df0322d7c1156dd5d765684\" class=\"flex flex-col gap-8 my-6 not-wysiwyg\">\n<div class=\"ProsAndConsTable\">\n<div class=\"ProsAndConsItem\">\n<div class=\"ProsAndConsItem-headerContainer flex items-center gap-2\">\n<div>\n                <img decoding=\"async\" src=\"https:\/\/alertfinnews.com\/wp-content\/uploads\/2025\/06\/circle-check.svg.svg+xml\" alt=\"Green circle with a checkmark inside\"\/>\n            <\/div>\n<p>            <!-- htmlmin:ignore --><\/p>\n<h4 class=\"ProsAndConsItem-header\">\n    Pros<br \/>\n    <\/h4>\n<p>    <!-- htmlmin:ignore -->\n        <\/div>\n<ul class=\"ProsAndConsItem-list\">\n<li>No application process<\/li>\n<li>Little to no interest<\/li>\n<li>Flexible repayment<\/li>\n<\/ul><\/div>\n<div class=\"ProsAndConsItem\">\n<div class=\"ProsAndConsItem-headerContainer flex items-center gap-2\">\n<div>\n                <img decoding=\"async\" src=\"https:\/\/alertfinnews.com\/wp-content\/uploads\/2025\/06\/remove-circle.svg.svg+xml\" alt=\"Red circle with an X inside\"\/>\n            <\/div>\n<p>            <!-- htmlmin:ignore --><\/p>\n<h4 class=\"ProsAndConsItem-header\">\n    Cons<br \/>\n    <\/h4>\n<p>    <!-- htmlmin:ignore -->\n        <\/div>\n<ul class=\"ProsAndConsItem-list\">\n<li>Potential for misunderstanding<\/li>\n<li>Can cause financial strain for loved one<\/li>\n<\/ul><\/div>\n<\/div><\/div>\n<h2 id=\"faq\" data-position=\"8\" data-beam-element-viewed=\"\" data-id=\"br-h2-8-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"FAQ\" data-outcome=\"\">FAQ<\/h2>\n<ul class=\"Accordion w-full align\">\n<li x-id=\"['panel-is-it-hard-to-get-a-heloc', 'heading-is-it-hard-to-get-a-heloc']\" x-data=\"{ expanded: 0 }\" class=\"Accordion-item\">\n<button class=\"Accordion-titleContainer py-4 px-3 sm:px-6 group sm:py-6\" type=\"button\" :id=\"$id('heading-is-it-hard-to-get-a-heloc')\" :aria-controls=\"$id('panel-is-it-hard-to-get-a-heloc')\" :aria-expanded=\"expanded ? true : false\" x-on:click=\"expanded = !expanded\" :data-outcome=\"expanded ? 'open_accordion' : 'close_accordion'\"><!-- htmlmin:ignore --><\/p>\n<h3 class=\"Accordion-title my-0 mr-2 md:flex-1\">\n    Is it hard to get a HELOC?<br \/>\n    <\/h3>\n<p><!-- htmlmin:ignore --><span class=\"Accordion-icon Icon mb-0 block leading-none Icon--sm icon-base-blue-600\" aria-hidden=\"true\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><title>Caret Down Icon<\/title>\n<path d=\"M12 17.152c-.33 0-.675-.131-.94-.378L3.384 9.09a1.32 1.32 0 0 1 0-1.86c.51-.51 1.351-.51 1.862 0L12 13.977l6.755-6.747c.51-.51 1.351-.51 1.862 0 .51.51.51 1.35 0 1.86l-7.694 7.684a1.295 1.295 0 0 1-.94.378H12Z\" class=\"icon-base\"\/><\/svg><\/span><\/button><\/p>\n<div class=\"Accordion-contentWrapper\" :id=\"$id('panel-is-it-hard-to-get-a-heloc')\" :aria-labelledby=\"$id('heading-is-it-hard-to-get-a-heloc')\" x-show=\"expanded\" x-collapse=\"\" role=\"region\" style=\"height: 0; overflow: hidden; display: none;\">\n<div class=\"Accordion-content text-gray-700 px-3 pb-4 sm:px-6 sm:pb-6\">\n            Nearly half of HELOC applicants are rejected due to poor credit scores, insufficient home equity or high debt-to-income ratios. The best candidates have paid off much of their mortgage and own half of their home outright. A higher-than-average credit score and a lower debt-to-income ratio are also key in getting a home equity loan or HELOC.\n        <\/div>\n<\/div>\n<\/li>\n<li x-id=\"['panel-do-lenders-check-income-for-a-home-equity-loan', 'heading-do-lenders-check-income-for-a-home-equity-loan']\" x-data=\"{ expanded: 0 }\" class=\"Accordion-item\">\n<button class=\"Accordion-titleContainer py-4 px-3 sm:px-6 group sm:py-6\" type=\"button\" :id=\"$id('heading-do-lenders-check-income-for-a-home-equity-loan')\" :aria-controls=\"$id('panel-do-lenders-check-income-for-a-home-equity-loan')\" :aria-expanded=\"expanded ? true : false\" x-on:click=\"expanded = !expanded\" :data-outcome=\"expanded ? 'open_accordion' : 'close_accordion'\"><!-- htmlmin:ignore --><\/p>\n<h3 class=\"Accordion-title my-0 mr-2 md:flex-1\">\n    Do lenders check income for a home equity loan?<br \/>\n    <\/h3>\n<p><!-- htmlmin:ignore --><span class=\"Accordion-icon Icon mb-0 block leading-none Icon--sm icon-base-blue-600\" aria-hidden=\"true\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><title>Caret Down Icon<\/title>\n<path d=\"M12 17.152c-.33 0-.675-.131-.94-.378L3.384 9.09a1.32 1.32 0 0 1 0-1.86c.51-.51 1.351-.51 1.862 0L12 13.977l6.755-6.747c.51-.51 1.351-.51 1.862 0 .51.51.51 1.35 0 1.86l-7.694 7.684a1.295 1.295 0 0 1-.94.378H12Z\" class=\"icon-base\"\/><\/svg><\/span><\/button><\/p>\n<div class=\"Accordion-contentWrapper\" :id=\"$id('panel-do-lenders-check-income-for-a-home-equity-loan')\" :aria-labelledby=\"$id('heading-do-lenders-check-income-for-a-home-equity-loan')\" x-show=\"expanded\" x-collapse=\"\" role=\"region\" style=\"height: 0; overflow: hidden; display: none;\">\n<p>\n            Yes. Lenders will need copies of your W2s or 1099s, paystubs and sometimes tax returns to verify your income. HELOCs and home equity loans do not have a specific income threshold for approval, but you must meet the lender\u2019s debt-to-income ratio (DTI) level; these documents allow them to calculate that. In addition, you will need to demonstrate that your income is steady, indicating you can afford your monthly payments.\n        <\/p>\n<\/div>\n<\/li>\n<li x-id=\"['panel-will-there-be-a-home-inspection', 'heading-will-there-be-a-home-inspection']\" x-data=\"{ expanded: 0 }\" class=\"Accordion-item\">\n<button class=\"Accordion-titleContainer py-4 px-3 sm:px-6 group sm:py-6\" type=\"button\" :id=\"$id('heading-will-there-be-a-home-inspection')\" :aria-controls=\"$id('panel-will-there-be-a-home-inspection')\" :aria-expanded=\"expanded ? true : false\" x-on:click=\"expanded = !expanded\" :data-outcome=\"expanded ? 'open_accordion' : 'close_accordion'\"><!-- htmlmin:ignore --><\/p>\n<h3 class=\"Accordion-title my-0 mr-2 md:flex-1\">\n    Will there be a home inspection?<br \/>\n    <\/h3>\n<p><!-- htmlmin:ignore --><span class=\"Accordion-icon Icon mb-0 block leading-none Icon--sm icon-base-blue-600\" aria-hidden=\"true\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><title>Caret Down Icon<\/title>\n<path d=\"M12 17.152c-.33 0-.675-.131-.94-.378L3.384 9.09a1.32 1.32 0 0 1 0-1.86c.51-.51 1.351-.51 1.862 0L12 13.977l6.755-6.747c.51-.51 1.351-.51 1.862 0 .51.51.51 1.35 0 1.86l-7.694 7.684a1.295 1.295 0 0 1-.94.378H12Z\" class=\"icon-base\"\/><\/svg><\/span><\/button><\/p>\n<div class=\"Accordion-contentWrapper\" :id=\"$id('panel-will-there-be-a-home-inspection')\" :aria-labelledby=\"$id('heading-will-there-be-a-home-inspection')\" x-show=\"expanded\" x-collapse=\"\" role=\"region\" style=\"height: 0; overflow: hidden; display: none;\">\n<div class=\"Accordion-content text-gray-700 px-3 pb-4 sm:px-6 sm:pb-6\">\n<p>Lenders may order a home inspection, but it is not commonly done for a home equity loan or HELOC. A home inspection identifies potential structural concerns and other repairs that might impact the property\u2019s value and\/or sale.<\/p>\n<p>However, the lender <i>will <\/i>usually require an appraisal report on your home.<\/p>\n<p>The appraisal evaluates your home\u2019s market value: The appraiser will take into consideration the home\u2019s size and features, any upgrades\/expansions, and its overall condition; they will then analyze the recent sale price of comparable homes nearby to come up with an estimate of your home\u2019s worth. This appraisal estimate determines the dollar value of the equity the homeowner has, which in turn influences how much they can borrow.<\/p>\n<p>Increasingly for home equity loans, lenders use automated valuation models (AUM) to appraise homes, though some may still require an in-person appraisal.<\/p>\n<\/div>\n<\/div>\n<\/li>\n<li x-id=\"['panel-what-is-the-minimum-credit-score-for-a-home-for-a-home-equity-product', 'heading-what-is-the-minimum-credit-score-for-a-home-for-a-home-equity-product']\" x-data=\"{ expanded: 0 }\" class=\"Accordion-item\">\n<button class=\"Accordion-titleContainer py-4 px-3 sm:px-6 group sm:py-6\" type=\"button\" :id=\"$id('heading-what-is-the-minimum-credit-score-for-a-home-for-a-home-equity-product')\" :aria-controls=\"$id('panel-what-is-the-minimum-credit-score-for-a-home-for-a-home-equity-product')\" :aria-expanded=\"expanded ? true : false\" x-on:click=\"expanded = !expanded\" :data-outcome=\"expanded ? 'open_accordion' : 'close_accordion'\"><!-- htmlmin:ignore --><\/p>\n<h3 class=\"Accordion-title my-0 mr-2 md:flex-1\">\n    What is the minimum credit score for a home for a home equity product?<br \/>\n    <\/h3>\n<p><!-- htmlmin:ignore --><span class=\"Accordion-icon Icon mb-0 block leading-none Icon--sm icon-base-blue-600\" aria-hidden=\"true\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><title>Caret Down Icon<\/title>\n<path d=\"M12 17.152c-.33 0-.675-.131-.94-.378L3.384 9.09a1.32 1.32 0 0 1 0-1.86c.51-.51 1.351-.51 1.862 0L12 13.977l6.755-6.747c.51-.51 1.351-.51 1.862 0 .51.51.51 1.35 0 1.86l-7.694 7.684a1.295 1.295 0 0 1-.94.378H12Z\" class=\"icon-base\"\/><\/svg><\/span><\/button><\/p>\n<div class=\"Accordion-contentWrapper\" :id=\"$id('panel-what-is-the-minimum-credit-score-for-a-home-for-a-home-equity-product')\" :aria-labelledby=\"$id('heading-what-is-the-minimum-credit-score-for-a-home-for-a-home-equity-product')\" x-show=\"expanded\" x-collapse=\"\" role=\"region\" style=\"height: 0; overflow: hidden; display: none;\">\n<p>\n            In many cases, lenders allow you to take a home equity loan with a credit score in the 600s, with a credit score of around 620 being the industry norm. However, a credit score in this range won\u2019t qualify for the most competitive interest rates. It may be possible to find a lender that will work with you if you have a score of less than 620. But you\u2019ll typically be required to have more equity and have less outstanding debt relative to your monthly income.\n        <\/p>\n<\/div>\n<\/li>\n<\/ul>\n<p><em>Additional reporting by Maya Dollarhide<\/em><\/p>\n<div class=\"HelpfulCTA mx-auto flex flex-col items-center gap-6 my-6 py-12 text-base border-y border-gray-200\" data-helpful-cta=\"\" data-beam-element-viewed=\"\" id=\"did-you-find-this-helpful\" data-type=\"cta\" data-location=\"article-bottom\" data-position=\"banner\" data-text=\"Did you find this page helpful?\">\n<div class=\"HelpfulCTA-initial w-full flex flex-col items-center gap-4\" data-cta-initial=\"\">\n<div class=\"HelpfulCTA-question text-lg font-bold text-center text-gray-900\">\n            Did you find this page helpful?<\/p>\n<div id=\"lAizrBQJKW\" class=\"hidden\">\n<div class=\"wysiwyg wysiwyg--sm wysiwyg--flush max-w-xs\">\n<p class=\"mb-6 text-base\">\n                            <strong class=\"block font-bold text-gray-900\">Why we ask for feedback<\/strong><br \/>\n                            Your feedback helps us improve our content and services. It takes less than a minute to<br \/>\n                            complete.\n                        <\/p>\n<p>Your responses are anonymous and will only be used for improving our website.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Help us improve our content<\/p>\n<div class=\"HelpfulCTA-actions flex gap-4 mt-2\">\n            <button type=\"button\" class=\"HelpfulCTA-btn HelpfulCTA-btn--yes border border-2 border-blue-600 text-blue-600 rounded px-6 py-2 transition font-semibold flex items-center gap-2 hover:bg-blue-50\" data-cta-yes=\"\" data-beam-element-clicked=\"\" id=\"did-you-find-this-helpful-yes\" data-type=\"button\" data-location=\"article-bottom\" data-position=\"banner\" data-text=\"Yes\" data-outcome=\"response submitted\"><br \/>\n                <span class=\"Icon\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><title>Thumbs Up Icon<\/title><path d=\"M13.165 2.175c.322 0 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1.228-.075a.722.722 0 0 0 .323-.323c.075-.15.075-.603.075-1.227v-7.683c0-.624 0-1.065-.075-1.227a.672.672 0 0 0-.323-.322c-.15-.075-.603-.076-1.227-.076h-.161v.01ZM13.057 3.8c-.14 0-.226 0-.259.011-.032 0-.086.043-.107.064a2.98 2.98 0 0 0-.226.399c-2.187 4.272-3.53 5.647-4.33 6.092.003.162.004.34.004.536v7.82l2.217 1.122c.28.14.42.216.56.27.107.032.214.064.332.075.151.021.314.021.626.021h4.594c1.022 0 1.539 0 1.862-.129a1.84 1.84 0 0 0 .763-.58c.215-.28.355-.808.613-1.765l.517-1.927c.495-1.85.775-2.873.603-3.475a2.309 2.309 0 0 0-1-1.313c-.538-.323-1.594-.323-3.51-.323h-1.129c-.226 0-.473 0-.72-.15a1.087 1.087 0 0 1-.464-.614c-.075-.301 0-.528.076-.754.957-2.97.603-4.26.301-4.777-.183-.312-.44-.506-.774-.57-.14-.033-.377-.033-.549-.033Z\" class=\"icon-base\"\/><\/svg><\/span> <span class=\"text-base leading-4\">Yes<\/span><br \/>\n            <\/button><br \/>\n            <button type=\"button\" class=\"HelpfulCTA-btn HelpfulCTA-btn--no border-2 border-blue-600 text-blue-600 rounded 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0-4.34-.548a3.843 3.843 0 0 1-1.722-2.248c-.29-1.033 0-2.13.593-4.324l.517-1.925c.312-1.162.484-1.786.882-2.323.377-.495.872-.871 1.443-1.097.624-.248 1.281-.248 2.476-.248h4.597c.42 0 .635 0 .84.032.215.032.431.086.636.15.193.065.387.162.753.345l1.702.864c.017-.04.033-.082.053-.122a2.333 2.333 0 0 1 1.044-1.043c.496-.247 1.013-.247 1.95-.247h.16ZM7.503 3.798c-1.022 0-1.54 0-1.862.13-.302.118-.56.322-.765.58-.215.28-.345.775-.614 1.753l-.517 1.926c-.495 1.85-.775 2.871-.602 3.474a2.308 2.308 0 0 0 1 1.312c.539.323 1.594.322 3.51.322h1.142c.236 0 .473 0 .72.15.227.14.388.367.453.625.075.28 0 .516-.075.742-.959 2.969-.603 4.27-.301 4.775.183.312.44.506.774.57.162.033.41.033.572.033.128 0 .203 0 .236-.01.021 0 .085-.044.107-.065.032-.032.14-.237.227-.399 2.208-4.308 3.556-5.671 4.352-6.102a39.945 39.945 0 0 1-.003-.523v-7.79L13.63 4.175c-.28-.14-.41-.215-.56-.27a1.796 1.796 0 0 0-.344-.085c-.151-.022-.313-.01-.625-.022H7.503Zm11.596.001c-.625 0-1.077 0-1.228.076a.72.72 0 0 0-.323.322c-.075.15-.075.603-.075 1.226v7.68c0 .623 0 1.075.075 1.226.075.14.183.247.323.322.15.075.603.075 1.228.075h.16c.625 0 1.078 0 1.228-.075a.778.778 0 0 0 .324-.322c.075-.151.075-.603.075-1.227V5.423c0-.623 0-1.076-.075-1.226a.722.722 0 0 0-.324-.322c-.15-.076-.603-.076-1.227-.076h-.161Z\" class=\"icon-base\"\/><\/svg><\/span> <span class=\"text-base leading-4\">No<\/span><br \/>\n            <\/button>\n        <\/div>\n<\/p><\/div>\n<p>    <!-- Yes Form --><\/p>\n<p>    <!-- No Form --><\/p>\n<div class=\"HelpfulCTA-thankyou flex flex-col items-center gap-2\" data-cta-thankyou=\"\" style=\"display:none;\">\n<p>Thank you for your<br \/>\n            feedback!<\/p>\n<p>Your input helps us improve our<br \/>\n            content and services.<\/p>\n<\/p><\/div>\n<\/div><\/div>\n<p>Read the full article <a href=\"https:\/\/www.bankrate.com\/home-equity\/what-to-do-if-denied-a-heloc\/\" target=\"_blank\" rel=\"noopener\" rel=\"nofollow\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key takeaways Getting approved for a HELOC or home equity loan isn\u2019t easy, with nearly half of applications denied. Poor credit, a high debt-to-income ratio or a large outstanding mortgage balance may contribute to being rejected for a HELOC or home equity loan. &#13; If you are denied, paying down your mortgage or adjusting your<\/p>\n","protected":false},"author":1,"featured_media":27902,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48],"tags":[],"class_list":{"0":"post-27901","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-mortgage"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What To Do If You\u2019re Denied A HELOC Or Home Equity Loan - Alert Fin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/alertfinnews.com\/?p=27901\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What To Do If You\u2019re Denied A HELOC Or Home Equity Loan - Alert Fin News\" \/>\n<meta property=\"og:description\" content=\"Key takeaways Getting approved for a HELOC or home equity loan isn\u2019t easy, with nearly half of applications denied. 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