What to do if you are denied a HELOC or home equity loan
They’re hard to qualify for. Here’s how to bounce back from rejection.
Linda Bell is a Bankrate lead insights analyst, producing content on homeownership, home affordability, mortgages, home equity, and more. Before joining Bankrate in 2024, she spent more than 20 years as a business and personal finance reporter and writer at organizations including Bloomberg, Fox Business and NerdWallet.
During the housing boom and bust of the 2000s, Linda appeared on hundreds of local television and radio stations, providing insight on the stock market and housing industry. At NerdWallet, her focus was homeownership and mortgages, including the homebuying process, home affordability, and mortgage management.
Linda is deeply committed to advocating for equal homeownership opportunities for everyone. Her investigative radio series “Minorities and the Housing Market” won numerous awards from the National Association of Real Estate Editors and the New York Association of Black Journalists.
Linda graduated from New York University with a Bachelor of Arts degree in Print Journalism and English Literature.
I didn’t grow up with formal money lessons, but I learned a lot just by watching my parents be frugal. That stuck with me. Buying a home, for example, requires knowledge some of us weren't taught at home or in school: how to build and manage credit, budget for hidden costs, compare mortgage options, understand interest rates, plan for property taxes, and so much more. Don't be discouraged if you're learning as you go.
While you may have your heart set on buying a home, homeownership is not the right choice for everyone. It is important to weigh the pros and cons before making what will likely be the biggest purchase of your life.
— Linda Bell
They’re hard to qualify for. Here’s how to bounce back from rejection.
A HELOC is a second mortgage that uses your home as collateral to let you borrow up to a certain amount over time. To find the best lender for your needs, explore Bankrate's list of best lenders to compare before making a decision.
Explore top home equity loan lenders by comparing rates, features, and eligibility with Bankrate’s trusted expert reviews.
A home equity line of credit, or HELOC, is a second mortgage that uses your home as collateral to let you borrow up to a certain amount over time, rather than an upfront lump sum.
A home equity loan lets you borrow against your home’s value. To find the best loan for you, compare loan rates with a few lenders before applying.
LoanDepot offers home equity lines of credit (HELOCs) to borrowers in most, but not all, locations (37 states).
Upstart offers home equity lines of credit (HELOCs).
Rates on home equity lines of credit are at their lowest levels since 2022.
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