There is no such thing as an ideal LTV, because offsetting factors play a big role. In general, the better your credit, the higher the LTV lenders will allow. Your lender can explain what's available to you. Uses of the Proceeds By this point, you're well aware that a home equity loan can improve your overall financial picture. If you will commit to using the money you receive to pay off other debts, or to undertake value-building home improvements, the lender will take this into account.
Some lenders offer stated income or no-income verification programs.
Clearly, no two borrowers will be alike in every respect discussed above. In Section V , we'll look at the entire process. Copyright 2001, Charter One Credit Corporation. All Rights Reserved. Home loan, home equity loan and mortgage programs may vary from state to state and are subject to change at any time.