I Got a New HELOC

As a condition of getting my mortgage refinanced, I had to cancel the home equity line of credit that I had through ING. I only used it a couple of times for small purchases, as its main purpose for me was as a safety net should I have an emergency.

So I tried to open a new ING HELOC, and I found that my loan to value was too low to qualify. Then I tried a slew of other banks- no luck there either. I knew banks had tightened lending, but I didn't think I'd have such a hard time finding a loan. So much for thie bank bailout.

I finally found a bank that would lend up to 89% of the house's value- PNC. I close on Thursday. I even got a great rate- 4.25%. Anyone else run into problems trying to get a home equity loan?