# Home Equity Line of Credit \[HELOC\] Questions **URL:** \ **Category:** NYSpeed Off Topic\ **Created:** [December 10, 2009, 7:13am UTC](https://forums.speedlife.net/t/home-equity-line-of-credit-heloc-questions/77106 "2009-12-10T07:13:12Z")\ **Posts on this page:** 10\ **Page:** 1
**Author:** ![SilverGT](https://avatars.discourse-cdn.com/v4/letter/s/8dc957/32.png) [@SilverGT](https://forums.speedlife.net/u/SilverGT)\ **Post date:** [December 10, 2009, 7:13am UTC](https://forums.speedlife.net/t/home-equity-line-of-credit-heloc-questions/77106/1 "2009-12-10T07:13:12Z")
Well here is the situation, My garage is poorly in need of a tear down/demo and rebuild. The only way i can afford this right now is to take out a HELOC The first question is for the appraisal process. When someone comes and does a appraisal do they appraisal the house with the poor garage or/and also appraise the house with the garage fixed if you were 100% going to do the garage as soon as you get the loan? I know i wouldnt be able to get the loan if the appraisal is excluding the garage. Any other suggestion or solution? I was looking to M&T Bank as HELOC as rates are like 4.59% as per [bankrate.com](http://bankrate.com) or citizen 4.99% Thanks ---
**Author:** ![drvnkd](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/drvnkd/32/109615_2.png) [@drvnkd](https://forums.speedlife.net/u/drvnkd)\ **Post date:** [December 10, 2009, 7:42am UTC](https://forums.speedlife.net/t/home-equity-line-of-credit-heloc-questions/77106/2 "2009-12-10T07:42:36Z")
I had a HELOC a few years back and the appraiser came when my bathroom was torn apart, and my yard was full of trenches for drainage… I’m pretty sure he did told the wife he was doing us a favor during his appraisal and said he would consider the work done… Amazingly, he appraised it just high enough to get the credit line. He never set foot in my garage. It has no sill plates and gets full of mud and water. I would bet, he does not even look at it. Does it look decent from the outside? ---
**Author:** ![SilverGT](https://avatars.discourse-cdn.com/v4/letter/s/8dc957/32.png) [@SilverGT](https://forums.speedlife.net/u/SilverGT)\ **Post date:** [December 10, 2009, 9:05am UTC](https://forums.speedlife.net/t/home-equity-line-of-credit-heloc-questions/77106/3 "2009-12-10T09:05:17Z")
[quote=“drvnkd,post:2,topic:77106"”] I had a HELOC a few years back and the appraiser came when my bathroom was torn apart, and my yard was full of trenches for drainage… I’m pretty sure he did told the wife he was doing us a favor during his appraisal and said he would consider the work done… Amazingly, he appraised it just high enough to get the credit line. He never set foot in my garage. It has no sill plates and gets full of mud and water. I would bet, he does not even look at it. Does it look decent from the outside? [/quote] it does not look decent at all. the foundation is making the garage tilt to the left, almost on the verge of destruction and no grage door on it. its a eye sore. and is currently sitting in about 8in of water. did you send in your own appraisal or did they appoint a appraiser [whom ever u got a heloc from] ---
**Author:** ![Jim1234664](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jim1234664/32/7438_2.png) [@Jim1234664](https://forums.speedlife.net/u/Jim1234664)\ **Post date:** [December 10, 2009, 9:18am UTC](https://forums.speedlife.net/t/home-equity-line-of-credit-heloc-questions/77106/4 "2009-12-10T09:18:18Z")
Id rather have no garage than take out a heloc to demo one and build anew, you will not see this money back ---
**Author:** ![drvnkd](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/drvnkd/32/109615_2.png) [@drvnkd](https://forums.speedlife.net/u/drvnkd)\ **Post date:** [December 10, 2009, 9:28am UTC](https://forums.speedlife.net/t/home-equity-line-of-credit-heloc-questions/77106/5 "2009-12-10T09:28:46Z")
> [@SilverGT](#): > > it does not look decent at all. the foundation is making the garage tilt to the left, almost on the verge of destruction and no grage door on it. its a eye sore. and is currently sitting in about 8in of water. > > did you send in your own appraisal or did they appoint a appraiser [whom ever u got a heloc from] HSBC sent someone out. How long have you lived there? How long would the 1st appraisal be valid? ---
**Author:** ![drvnkd](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/drvnkd/32/109615_2.png) [@drvnkd](https://forums.speedlife.net/u/drvnkd)\ **Post date:** [December 10, 2009, 9:29am UTC](https://forums.speedlife.net/t/home-equity-line-of-credit-heloc-questions/77106/6 "2009-12-10T09:29:46Z")
> [@Jim1234664](#): > > Id rather have no garage than take out a heloc to demo one and build anew, you will not see this money back But you might see your asking price a lot sooner. ---
**Author:** ![SilverGT](https://avatars.discourse-cdn.com/v4/letter/s/8dc957/32.png) [@SilverGT](https://forums.speedlife.net/u/SilverGT)\ **Post date:** [December 10, 2009, 9:53am UTC](https://forums.speedlife.net/t/home-equity-line-of-credit-heloc-questions/77106/7 "2009-12-10T09:53:49Z")
[quote=“Jim1234664,post:4,topic:77106"”] Id rather have no garage than take out a heloc to demo one and build anew, you will not see this money back [/quote] my garage is a “need” not a want. i wont be moving anytime soon. and for me to have my 30x24 garage i;ll take a heloc out and also consolidate some of my credit cards [that i racked up in colleges] [quote=“drvnkd,post:5,topic:77106"”] HSBC sent someone out. How long have you lived there? How long would the 1st appraisal be valid? [/quote] i have been here 3 years i believe appraisal only good for 6 month if im not wrong ---
**Author:** ![slow84ta](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/slow84ta/32/7265_2.png) [@slow84ta](https://forums.speedlife.net/u/slow84ta)\ **Post date:** [December 10, 2009, 9:56am UTC](https://forums.speedlife.net/t/home-equity-line-of-credit-heloc-questions/77106/8 "2009-12-10T09:56:15Z")
Just be up front with them and tell them what your plans are and they will probably take that into a count. Good Luck! ---
**Author:** ![ultradriver10000](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/ultradriver10000/32/7397_2.png) [@ultradriver10000](https://forums.speedlife.net/u/ultradriver10000)\ **Post date:** [December 10, 2009, 10:13am UTC](https://forums.speedlife.net/t/home-equity-line-of-credit-heloc-questions/77106/9 "2009-12-10T10:13:49Z")
Can’t you rip it down yourself and clean up the area to make it look nice at least? ---
**Author:** ![drvnkd](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/drvnkd/32/109615_2.png) [@drvnkd](https://forums.speedlife.net/u/drvnkd)\ **Post date:** [December 10, 2009, 10:18am UTC](https://forums.speedlife.net/t/home-equity-line-of-credit-heloc-questions/77106/10 "2009-12-10T10:18:10Z")
maybe put a sticker on the door? ![http://thechive.files.wordpress.com/2009/07/garage-stickers-funny-5.jpg](http://thechive.files.wordpress.com/2009/07/garage-stickers-funny-5.jpg) [http://thechive.com/2009/07/15/funny-garage-door-mural-stickers/](http://thechive.com/2009/07/15/funny-garage-door-mural-stickers/)