We are trying to get a home equity loan to consolidate some credit cards and try to free up our monthly cash. We pay our bills on time are not delinquent, but our debt to income is too high for anyone to approve us, yet we have equity in our home, and are trying to make it easier to live, is there anyone that would give us a loan to consolidate?
I cannot say for certain if there is a company that would be willing to refinance your home because you have not provided me with enough information about your situation. If you have tried multiple and reputable lenders, yet you keep getting the same result chances are that most lenders will not do the loan. The lenders see your debt-to-income ratio as too much of a risk, regardless of your credit history. Considering the amount of mortgages that have gone into default, and the amount of homes that have gone into foreclosure many of the lenders do not want to take on the risk of lending to someone with a high debt-to-income ratio.
I've written an article explaining why the debt-to-income ratio is important please see DTI: Debt-to-Income Ratio Information.
There are alternatives to consolidating your debt without utilizing the equity in your home. If you would like to find out more please see Debt Consolidation and Bill Consolidation.
I hope this information helps you Find. Learn & Save.