Can I get a HELOC?

[jmcnyc]

I tried to get a HELOC a few years back for a number of home improvements I need completed (new master bath, new roof).  However my appraisal came in very low, even though a similar house on the block just sold for significantly higher.  I am looking to try again and I am not sure where to turn.  I originally went through PNC Bank (I live in NJ), but am now thinking maybe a credit union or other source may be more reasonable.

My credit score is just above 700 for Transunion and 745 for Experian.  My mortgage is about $550,000 on a single family home and I think the house should appraise at $750,000 (the Zillow estimate is about that value if that matters).  Any thoughts on if I can get a HELOC and if so where I should look?  Thanks.

[jmcnyc]

Any of you smart finance people willing to educate a less smart homeowner?   Or point me in the right direction?  Thanks.

[ShanetheMortgageMan]

If the value was the issue, each lender uses their own valuation service, whether it be an automated valuation model (i.e. a "computer appraisal) or a full blown appraisal where the appraiser does an interior & exterior review of your home, so the results will vary depending on how they assign a value to your home.  You may want to only seek out banks who would have a full appraisal done on your home.

You are also referencing a situation that occurred 3 (?) years ago in relation to your home's value.  I suspect your home's value has increased a bit by then, so you may have better luck this time by just choosing any bank, even PNC again.  Since HELOC's usually cost little to nothing to apply for, you could try one by one until you find one who would offer you terms that you'd find acceptable.