Line of credit
Hi everyone.
I am currently looking to get started in doing some flip projects. I was planning on using a line of credit on my home that I own (with about 160k equity). I have good credit but not such great income. I applied through my bank (TD bank) one time on my own without a co-signer and got denied because they said my income wasn't enough. I applied a second time with a family member co-signer (with good income) but got denied because they said his credit was high enough. So now I would like to ask the forum two questions:
1) Do you think a home equity line of credit is a good source of financing for buying and renovating homes?
2) Where would you recommend to go to apply for a home equity line of credit? (Bank-which bank? Credit union? etc.)
Thanks!