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Home Equity Lines of Credit

Use Your Home as Collateral

Use the equity in your home when and where you want it., when you need it and for whatever purpose you choose.

  • Interest-only payment due monthly
  • Variable rate
  • Convenience—advance funds on your line of credit easily
  • Use money from your line of credit when you need it and then pay it back. 
(In contrast, a home equity loan is received in full at the closing of the loan with monthly payments.)

Home Equity Line of Credit Qualification Criteria

Credit Score

Typically, a credit score of 640 is the minimum to obtain a home equity or HELOC loan, and 750 is the minimum score you need to get the best rates available.

Ability to Repay

Borrowers must show they have the ability to repay the loan based upon their current income.

Debt-to-Income Ratios

One of the main factors when determining your ability to afford a loan is your debt-to-income (DTI) ratio. Your DTI ratio is the relationship between your monthly debt payments and gross monthly income. This ratio needs to be reasonable to qualify for a conventional mortgage loan, meaning the amount you spend on monthly payments needs to be “reasonable” compared to your monthly income. Typically, your ratios need to be less than 43%, but it is possible for them to be higher.

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Let’s Get Started

We will work with you every step of the way to make the homebuying process as quick and easy as possible.

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