Navegó a una página que no está disponible en español en este momento. Seleccione el enlace si desea ver otro contenido en español.

Página principal

Before You Apply

Follow these 3 steps to check your qualifications and make sure you’re ready to apply.

Your credit score is based on your payment history, current debt, length of credit history, types of credit, and new credit.

Step 1: Check your credit

A good credit score usually makes it easier to qualify for home equity financing. Find out how you can check your credit. Your credit score is based on the following five factors:

  • Payment history
  • Current debt
  • Length of your credit history
  • Types of credit you use
  • New credit

Learn more about how to calculate your credit score.

If the total of the amount you want to borrow and the amount you already owe on your home isn’t more than 85% of your home’s value, you may be able to access some of your home’s equity.

Step 2: Check your available equity

Add the amount you want to borrow to the amount you already owe on your home, and make sure the total isn’t more than 85% of your home’s value.

For example, if your home is worth $200,000 and your mortgage balance is $120,000, that means you have $80,000 in total equity. You may be able to borrow up to $40,000 of that equity before reaching 80% of your home’s value.

What is debt-to-income ratio? Debt-to-income ratio is the percentage of your monthly income that is spent on monthly debt payments.  

Step 3: Check your debt

Calculate how much you pay each month on your current debts—such as mortgage, credit card, and student loan payments—and make sure the total isn’t more than 43% of your monthly pre-tax income. If you need help, here are some tips on reducing your debt.

Ready to apply? Continue Online
Call  1-888-667-1772 or find a location