Transform Your Finances With This Best Home Equity Loan
How to Qualify for a Home Equity Loan
Qualifying for a home equity loan generally requires having a significant amount of equity in your home, which is the difference between your home's current market value and your outstanding mortgage balance. Lenders typically look for a loan-to-value (LTV) ratio of 80% or less. Additionally, you'll need a good credit score, usually 620 or higher, and a steady income to demonstrate your ability to repay the loan2.