Heyo HN. There are a lot of smart folks here, so I thought I would ask. I went to open a HELOC with my mortgage holder and was denied. Curious if anyone here has recommendations for US banks for going forward. Using a throw away because I'm going to release some numbers.
More detail. We bought the house last year. $500k house, but $100k down. A few months ago, recasted by paying down another $300k. The house has also gained a bit of value, and is likely worth over $600k now with $100k owed. We are looking for a HELOC because we want a bit extra in the form of a line of credit in case repairs/remodels go over what we plan. I submitted my salary and investment stuff to them (about $200k/yr plus about $500k available in stocks, plus about $150k cash in the bank). My credit score is over 750. Like, I feel I'm an ideal candidate for extending a $125k line of credit. There are not a lot of people more qualified than me. I was denied because my upgrades I am doing are greater than 2% of the value of the home. WTF? I'm just opening a line of credit that I might use towards the improvements, but mostly just want open in case of emergency.
Any recommendations on a better lender to go through for a line of credit? Should I refinance to a different lender? Should I just pay off the mortgage and be done with such a crazy company? Thanks for any advice. I'm just flummoxed.
