HELOC LOANS

ABOUT HELOC LOANS

HELOC Loans, perhaps better known as Home Equity Lines of Credit, allow you to borrow against the value of your home, effectively establishing a second mortgage. However, if you already own your home, then a HELOC could serve as a primary mortgage.


A HELOC is ideal for a borrower who needs access to a large amount of cash quickly. Urgent home improvement projects are a leading example for a borrower seeking a HELOC Loan. However, HELOCs come with fairly strict eligibility requirements, so are often regarded as a last resort in an emergency.


  • Allow borrowers to take cash out of home equity by establishing a new (often secondary) mortgage
  • Require a minimum 620 credit score, a debt-to-income (DTI) ratio of 40% or below, and a home equity minimum of 15%
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