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    Home Equity Line Requirements

    Own a home with equity?  Equity is the major requirement when applying for a HELOC

    Want to explore your options?

    Find answers quickly online

    A Home Equity Line is the Fastest, most common method to use Equity in your home for items like Debt Consolidation.  

    OR

    Talk to a Home Loan Expert

    Home-Equity-Line.com comprehensive approach empowers consumers with HELOC content. To speak with an expert, schedule a FREE consultation today.

    The Basic HELOC Requirements

    Home equity loans and HELOCs come with certain advantages and disadvantages. So choose the best one that suits your budget by considering your needs. However, the requirements for a home equity loan and a home equity line of credit are the same.

    Although the requirements depend on the lender, some of your general requirements are:

    • A percentage of your home’s available equity.
    • Good credit score.
    • Adequate monthly income
    • Low debt to income ratio
    • Previous payment history
     
    More on Home Equity Line requirements, Click Here..
     

    Lowering Your Payment Is Easier Than Ever

    • Taping into your Equity to reduce Credit Card Payments can maximize your monthly income.
    • Check out our Refinance Calculator to see how a new rate and term could lower your monthly mortgage payment. Or learn how refinancing with PMI knowledge can save you money and taxes.
    Every day, we help our clients lower their monthly mortgage payment by refinancing. Contact us today and we’ll help you, too.

    Why You Should Choose Home Equity Line

    • You’ll get a completely online application process with less paperwork, and you can track the status of your mortgage application.
    • Our Home Loan Experts are available to answer your questions and help you understand the details so you get the right mortgage for you.
    • After you close your loan, you can manage your mortgage online without any hidden fees.
    • We service 99% of our mortgages, which means you can expect our great customer service to continue after you close.

    Popular Loan Options for Lowering Your Mortgage Payment*

    • FHA Loan – Refinance out of a skyrocketing mortgage payment with the fixed-rate security of a government-insured FHA loan. Find out if you could refinance without an appraisal with our easy FHA Streamline tool.
    • 30-Year Loan – Looking for a more traditional loan option? Lock in today with a 30-year fixed.
    • Adjustable Rate Mortgage – Get the lowest rate available with a 5- or 7- year ARM and potentially pay thousands less over a traditional fixed rate mortgage for the first 5 or 7 years of your loan.
    • VA Loan – Get a low rate and payment with the VA loan if you’re a qualified veteran, military member, or spouse. Ask us if you are eligible for the great benefits of a VA loan!
    *By refinancing your existing loan, the total finance charges may be higher over the life of the loan

    Frequently Asked Questions

    How do I know if a Home Equity Line to consolidate my bill payments is worth it?

    You want to answer two important questions:
    1. How much will I save? A lot may have changed since you bought your home – your credit score, your home value, mortgage rates. If any of these have improved, you should definitely explore how much you can lower your payment with our HELOC calculator.
    2. Will the savings cover the costs? It’s possible to add the costs associated with getting a new mortgage into the total refinance amount to avoid paying anything out of pocket at closing. However, refinancing in order to lower your payment may result in a longer loan term, and that might mean paying more in interest overall in the long run.

    Talk to a Home Loan Expert or use our refinance calculator to see if refinancing your home can help you lower your payment.

    What does refinancing mean? How can it get me a lower monthly payment?

    Refinancing your home means taking on a new loan with different terms. To lower your monthly payment, you’ll need a loan that meets one or more of the following criteria:
    1. A Lower Interest Rate – The higher your interest rate, the more you’ll pay for your mortgage both now and in the future. A lower rate equals a lower payment if you don’t shorten the length of your mortgage term.
    2. Gets Rid of Private Mortgage Insurance (PMI) – If you put less than 20% down on your original home loan, chances are you’re paying private mortgage insurance (PMI). If your home has increased in value and/or you have enough equity, you can refinance to eliminate this costly monthly payment.
    3. Refinance to a Longer-Term Loan – When you refinance to a longer-term loan, you’re stretching the amount you owe over a longer period of time. While you might pay more in interest overall, your monthly payment will decrease.

    What is equity? How can it help me lower my payment?

    Home equity refers to the appraised value of your home minus the amount you still owe on your loan.
    The more equity you have, the better interest rate you can get on your refinance, which may help you lower your monthly payment. Having enough equity may also help you eliminate private mortgage insurance (PMI), a costly monthly fee included in many mortgages with an original down payment of less than 20%. Use our refinance calculator to see if you have enough equity to get a lower monthly payment.

    Communication Consent:

    By submitting your contact information you agree to our Terms of Use and our Security and Privacy Policy. You also expressly consent to having Home Equity Line, its Family of Companies, our partner companies and potentially our mortgage partners contact you about your inquiry by text message or phone (including automatic telephone dialing system or an artificial or prerecorded voice) to the residential or cellular telephone number you have provided, even if that telephone number is on a corporate, state, or national Do Not Call Registry. You do not have to agree to receive such calls or messages as a condition of getting any services from Home Equity Line or its affiliates. By communicating with us by phone, you consent to calls being recorded and monitored. You also agree that we can share your personal data and contact information with third parties such as mortgage partners, partner companies, and affiliates, and that these parties may use your personal data and contact information for marketing and analytic purposes, and to improve your experience.

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