Re: Bank Won’t Give My Home Equity Loan - Posted by Frank Chin
Posted by Frank Chin on January 16, 2001 at 08:36:39:
If you’re living in the home right now, then you can get a home equity loan. I don’t know in your case if you have to tell the bank what the purpose is for. You don’t have to tell them you’re buying another home. Tell them another story.
I got a home equity loan back in 1988. Used part of the line to put a down payment for a home that finally I moved to in 1993. Banks asks for source of funds for the new home, usually a savings account which’s been around for at least 6 months. So, take a few dollars from the line and place in in a money market fund for the required time frame. I’m told that if they see a sudden big deposit say 15K - they may ask where that came from. So open a money market fund - then move it elsewhere. This way you can say you transfer some funds to get a better rate. I doubt they’ll trace funds further back than that.
In fact - open several money market funds and move it to just as many more. Use your imagination. This way the bank can really have some fun tracing it, that is, if they’re really that studious.
I know you’re in a tighter time frame than we were. What I’m saying is to find out the banks rules and play their game.