HELOC - TD said NO
My wife was recently denied a HELOC with TD, stating her income was approx $1000 too short for the year.
Purchased home for $217k 3 years ago.
Now worth $312k
Last NOA states $51k
She is now in a new role and will likely earn closer to $60k this year.
All home & debt is under her name.
She applied for the HELOC as we have a child on the way & owe approx $40k which consists of a LOC & a credit card (partly student debt & party debt from having to undergo fertility treatments to conceive)
I earn the same as my wife though I was not part of the application as I am 2.5 years into a 5 year consumer proposal which I began before we wed (we just got married this year). I am not on the house title, nor any of her financials. She owned her home before I came into the picture and I moved in.
TD is requesting to include my income as well, but I’m sure my name on the application would make it even worse given my proposal.
What are our options? Try another bank? Credit union? My wife’s credit score is approx 720.
We are trying to get this sorted out before the baby arrives. We cannot carry on paying almost $500/month in interest, getting nowhere.