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A home equity line of credit (HELOC) can be an attractive source of cash...
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Home Equity Loan of Credit
A home equity line of credit (HELOC) can be an attractive source of cash
HELOCs are designed to allow borrowers to tap equity whenever they want it. They generally have lower interest rates than most credit cards and personal loans. HELOCs do this by using your home as collateral.
Eligibility Requirements
To qualify for a HELOC, you'll be expected to meet these requirements:
620 credit score But the most competitive rates typically go to borrowers with scores of 740 or higher.
85% loan-to-value (LTV) ratio The LTV ratio is normally capped at 85%, according to the Federal Trade Commission (FTC). For example, if your home is worth $300,000, then the combined total of your current mortgage and the new HELOC amount can't exceed $255,000.
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