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Replies (4)
- Clay Branch, "Georgia Loans"
- Contributions:7835
I find that hard to believe too, although it COULD be accurate. Try a local Community Bank to see what they say. Many Banks use an automated valuation to determine the value for Lines of Credit so you can at least get a 2nd and/or 3rd opinion and probably get a better rate than Chase will offer anyway.
Right now most lenders do not want to do a Home Equity loan, especially in FL, so they are devaluing the property to the point that there is no way that they could do it. If Zillow is telling you that the price of the home is higher then I would believe that it is. You can always contact an appraiser to do an independent appraisal and that will tell you better on what the value is, then you take that appraisal to your bank, credit union, or mortgage broker and see what they can do for you on a home equity loan/line. Good luck and i hope that this helps you.
- Martin Wareing, "Martin Wareing"
- Contributions:3772
CHASE is basically not wanting to loan on HOME EQUITY LOANS in FL at all. They (CHASE) had reduced the LTV (Loan-to-Value) requirements to 60%.. Using $176,000 (60% would be only $105,600 in maximum loans according to CHASE's new guidelines prior to them pulling out of the HELOC (wholesale) market in FL. If they applied that same threshold to you on a retail side, they could not loan you any money. If it is worth $146,500, I would be surprised if you received more than 80% LTV or $117,200... This would mean a HELOC for $12,200. The squeeze for guidelines is on although the rates are easing. I wish I had better news. I'm in Orlando and it is just as bad here. Check local. Keep rockin'.
- Steve Russell, "Steve Russell"
- Contributions:8
The values on zillow are good benchmark, but can be off by as much as 10% to 15% based on specific local data. Talk to other lenders to see what they offer.
We are still offering HELOC's in Florida, but you must meet the following criteria:
- Must be able to fully verify income and assets
- no more than 90% LTV on refinance
- must be primary residence
- must have a full market field appraisal to verify value
- must be a minimum loan amount of $25,000
If you think that you can fit into this category, I may be able to help, but I would start with your local bank.
Clarification on Home Equity loan /Line of Credit
My boyfriend owns a home and we want to get a home equity loan in order to do some upgrades to the house (bathrooms/Kitchen) we don't see spending anything above 15,000 on these remodeling effort and with the property valued at $176,000 (according to the lender when they valued the home – for a re-finance) we thought he had plenty of equity to ask for a credit line. We know that the value has gone down, and when we checked zillow, their Zestimate showed a value of $146,500. He owes $105,000 on the house, so basically he has equity right there. (or we thought!) He called the lender (Chase) and they told him, he did not have equity on the home, since the value of the house was $80,000... We were both shocked! How can that be? I mean we are aware of the situation and we know the homes in the area (we live in Tampa, Florida) have lost value, but I just cannot believe that the same lender that valued the house at $176,000 now is telling us the house is worth $80,000! That is lower than the original purchase price! Can anyone tell me why we received that kind of response? And, if there is any truth to this? We want to purse other avenues in order to get a home equity loan but we also want to know what we are up against. Or which is the best way to go?
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