Home Equity Line of Credit

You'll need sufficient equity in your home (usually at least 20%), a good credit score (typically 620 or higher), stable income, and a reasonable debt-to-income ratio. We'll also look at your payment history and overall [...]

Usually, yes. The lender needs to know what your home is currently worth to determine how much you can borrow. Some lenders offer "no appraisal" HELOCs for smaller amounts, but these typically come with higher [...]

Most lenders will consider single-family homes, condos, and townhomes. Some will also consider multi-family properties if you live in one of the units. You typically need to have owned the home for at least six [...]

Home equity loan rates are typically fixed, meaning the interest rate remains the same throughout the loan term. Rates are determined by factors such as credit score, loan amount, and market conditions. HELOC rates, on [...]

Most HELOCs have variable rates, which means your interest rate can go up or down based on market conditions. Some lenders offer the option to convert portions of your balance to a fixed rate, but [...]

Typically 10 years, though some lenders offer longer or shorter periods. During the draw period, you can borrow money, pay it back, and borrow again. You usually only pay interest on what you've borrowed, which [...]

Most lenders will let you borrow up to 80% of your home's current value, minus what you still owe on your mortgage. So if your home is worth $300,000 and you owe $150,000, you could [...]