If you’re in the market for a home equity line of credit, it’s worth it to shop around. During the housing boom, many lenders offered similar terms for their home equity lines of credit. But, today’s HELOC lenders are dealing with the mortgage crisis in different ways.

Almost all lenders are tightening standards for home equity borrowers. However, a few are still willing to offer 95% loan to value lines.

A WalletPop reporter recently shared his experience:

“I was looking to refinance a HELOC on my condo in the DC area, and one big online bank said they would only look at mortgages with a 60% loan to value. In other words, I’d have to have a 40% down payment, more than double what most lenders expect.

Another online bank told me if I didn’t get my application in that day, not to bother, because the whole division was being shut down.

My local credit union was willing to go up to 95% of loan to value and used an appraisal I’d done for another bank (so I wasn’t out another $300.)”

These days, a few phone calls could make all the difference in your search for the best home equity line.

See Also:

How to Negotiate the Best HELOC Rates and Terms

The 10 Most Important Questions to Ask Your HELOC Lender

Tags | Heloc, home equity line of credit