Secret to Effortless Home Equity Line of Credit
How to Qualify for a HELOC
Qualifying for a HELOC typically involves having a good credit score, sufficient home equity, and a stable income. Lenders generally prefer borrowers with a credit score of 620 or higher, though specific requirements can vary. Your home equity is calculated by subtracting your mortgage balance from your home's current market value. Most lenders will allow you to borrow up to 85% of your home’s equity, but this percentage can differ based on the lender's policies3.