I recently applied for a HELOC loan for debt consolidation at my local credit union based on my loan officer’s recommendation. Their CLTV is up to 95%. I already submitted all request documents and just waiting to hear back. But I’m feeling really nervous about this process so I wanted to hear your thoughts on my approval odds:
- 750 credit score (though I did have multiple hard inquiries in the past 6 months due to personal loan inquiries for debt consolidation)
- 74% LTV
- 60% DTI; but looking to consolidate all my unsecured debt which would drop me down to 43%; this was noted by the loan officer for the application
- stable job for 4 years with a 401k but no emergency savings fund
- no missed payments
I know every place does calculations but wanted a general idea of what my approval odds look like!