Secret to Effortlessly Qualifying for Home Equity Loan
Key Factors for Qualification
To qualify for a home equity loan, lenders usually require a good credit score, sufficient income, and a significant amount of equity in your home. A credit score of 620 or higher is often needed, although some lenders may have more stringent requirements1. Additionally, lenders typically require a loan-to-value (LTV) ratio of 80% or less, meaning you should have at least 20% equity in your home2. Income verification is also essential to ensure you can repay the loan comfortably.