▲ 8 r/HELOC
HELOC Advice
My credit score is 683, and my annual income is $65,000. I still owe about $50,000 on my mortgage, and my home in Texas is worth around $500,000.
I’m considering applying for a $250,000 HELOC. The plan is to:
- Pay off and close my existing $150,000 HELOC
- Pay off about $100,000 in personal loans and credit card debt
Based on the post-payoff debt-to-income ratio, would I likely qualify? Has anyone been approved in a similar situation?
Looking for honest advice or lender experience.
u/Significant-Bird-558 — 9 days ago