When requesting a home equity loan, how much equity does one need to have in his home to be approved, considering everything else is in order?
The answer is, it depends. It can depend on your state law, which may impose a limitation on this, and then it can depend on what the lender's policy is. In today's housing environment it simply isn't wise to borrow up to 100 percent of your home's value. Some lenders have reduced home equity lines when they believe values have dropped.
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The answer is, it depends. It can depend on your state law, which may impose a limitation on this, and then it can depend on what the lender's policy is. In today's housing environment it simply isn't wise to borrow up to 100 percent of your home's value. Some lenders have reduced home equity lines when they believe values have dropped.
