I'm interested in paying down my mortgage to $417,000 so that I can take advantage of conforming rates and refinance my home. We don't have enough to pay it down all the way, so I've been thinking about the possibility of a Personal Line of Credit.
How does one qualify for a personal loan? Is it much like being approved for a credit card? Is additional documentation needed? What's typical of the terms?
If I took out a LOC and didn't draw on it until we did the refinance, would the monthly payment be figured into my DTI?
