HELOCHELOC.LOANS

LOAN REQUIREMENTS

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House Equity Line Of Credit or HELOC is a loanprogram just like any other loan program, sothere are a few guidelines and requirements youmust meet or exceed before being qualified.

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C r e d i t S c o r e , H i s t o r ya n d R e p o r t

H E L O C l o a n p r o g r a m , l e n d e r s u s u a l l y h a v ea m i n i m u m c r e d i t s c o r e r e q u i r e m e n t o f a tl e a s t 6 2 0 . L e n d e r s w i l l a l s o n e e d t h e s t a t u so f y o u r l a s t 1 2 m o n t h s ’ w o r t h o f c r e d i t c a r dp a y m e n t s y o u m a y h a v e a n d t h e l a s t 2y e a r s ’ w o r t h o f m o r t g a g e p a y m e n t s .

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AssetsLenders prefer when borrowers can show a strongrepayment history for any other assets they may have.These assets include:

Vehicle Payments

Retirement Plans

Bank Accounts

Investment Accounts

Stocks and Bonds

Boat, RV, or Motorcycle Payments

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EquityIn order to qualify for a HELOC loan, you must havesome equity in your existing home loan. Equity isbest described as the difference between thevalue of your home minus the amount of moneyyou own on it.

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AppraisalsYou will most likely need toget your home appraised.This will help the lenderdetermine how much of yourhome’s value can beborrowed. The lender willcompare the home’s value tothe loan amount todetermine how much shouldbe borrowed

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T O L E A R N M O R EHELOC.LOANS

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C L I C K H E R E

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Justin McHood is Americas MortgageCommentator and has been providing

Mortgage commentary for over 10 years.

INFORMATION PROVIDED BY:Justin McHood

Mortgage Commentator

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