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I need a home equity loan to pay off credit cards, and do some home improvements. Where should I start?

I have no mortgage, 100% equity in my townhouse/condo. Have credit card debt of approximately $15,000. I am very underemployed at $20,000/year. What do I need to qualify? How do I begin? Would it be better if I have a cosigner?

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  Answers  |  1

October 21, 2015

I presume you own your townhome free and clear, and, if so, that's your strongest factor. Your income, while not exceptional, may be sufficient to qualify if you have few/no other debts once you pay the cards off. You will want to check with local banks and/or credit unions for their score and debt ratio requirements. If you belong to a credit union, I'd start there. A co-signer might or might not be allowed on a home equity line, that's another question to ask when you do your checking. Also ask if you'll be required to close the credit card accounts if you have to pay them off to qualify for the line of credit. Hope that helps! Ted

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