Applied for 118k or 88k HELOC withdraw period of 5 years at Midflorida Credit Union and got denied both. Loan officer offered me a different product (Home Equity Loan), i did not took her offer, Told her no to pull my credit yet bc oif I wont qualify for HELOC my credit will go down after pull it out and i want to see what other people bank offered me

Asked why i was denied over an email and she always called me on the phone  and explain that underwriters  bla bla. bad excuses. 

Need Heloc for:

I wanted to get. Heloc to pay off my mortgage in 1.5ish years, i already made my plan and calculation and also I want to be able to have minimum of 5 year withdraw period to preserve my cost of opportunity of the money that i will be pay  during the 1.5ish year.

My Finances:

Bought a Duplex last in Clearwater for 145k, put Down 25k plus, owe 118k to the bank  now, it is my primary residency, my payments are $1100 a month including scrow, the actual House value market is 220k, the same house cash flow me $1800 a month. 

 I make 85k plus a year, my debt ratio is 4.8%, my FICO score BofA 725, I have another mortgage for 145k it is another duplex who cash flowing me 1250 a month  and i have a stupid student loan, payment are $404 a month 

I have 35K cash on a saving account at the same Midfl credit union? 

Never late payment in the last 7 plus year, last year i worked hard to be on this position to applied for HELOC and now being denied

My questions:

-What am I doing wrong?  

-Bank officer is more toward to sale me an home equity loan bc she get commission out it than HELOC?

- how can i get denied if they never pulled my credit? she told me she was doing research and fighting a lot to get me the HELOC (hate loan officer when they play the heroes when they are just doing their job, no all of them)

are Bank or Credit  union promoting very low rate Heloc to attract customers bit most them don't qualify?

- Any other question that i should be  concern?

sorry for making this too long  and thank you all for your time.

You might be too leveraged for their liking. Try a different bank, and be sure that credit stays above 720.

Best regards

thank you for your reply,  but the heloc approve is based in a " like  like or dont like?". i thought it was based on requirement and that was all. hard for me to jump from bank to bank to see who might  like or not.   thank you for  your opinion  and i am sorry  for my ignorance about this topic

Each bank is going to have different balances of loans. Some are going to be more likely to want to give a HELOC this month and another might be pushing re-fi's or commercial loans.

I always tell my clients to talk to at least two or three lenders and decide from there. Underwriting has a reason, even if they just became stricter on DTI.

It may not be easy to talk to multiple banks, but it will definitely serve you in the long run.  A guy posted in here awhile ago about wanting some type of loan and most people told him it was impossible.  I told him to keep talking to lenders and he found someone willing to do what he wanted in a few days of calling.  Many lenders will say something is "impossible" because they don't want you talking to other institutions, or they just don't know any better.

i think i am not in the impossible  or even close  to it to qualify for it,  dont you think it is false advertisement?   

Another thing if i go to sifferent lender let see 3  of them they will all run my credit and. by the 4th one i will have 3 hard inquire on my credit report and it will hurt bad my credit    the talking to bunch lenders strategy can hurt me bad. 

Pull your own credit and bring your score. They can give you rates from the FICO you show them. Or they can do a soft pull. 

Here is your problem. You want $88k but don’t have the equity for that. You can probably get $50-$60 k if the property is really worth $220 and you owe $118.

this was an option to i offered to the loan officer. i have 30k sitting on dumb  saving account at the same credit union.    i told her i dont mind  put that money towars to the principal right now, i put the money on saving account to create confidence   and yes the property value is 220k  based in what she told me  and based in what 10 different website say about it.    i am a newbie but i am realistic.  trust me       thank you giy for the reply.  what i like is savy people replyor people who know about it.  aweaome!! love you all. i will let you know the end of my journey but honestly if i go with another bank i will close all te accoutn with fl mid credit unit.     whay you want to have a relationship with a woman who does not want to have sleep with you after i did everything they told me?   self eateem. put my money in sometjing