Where the 95 percent refinance compete for You! A Home Equity Line of Credit, or HELOC, is a one of the most popular and affordable ways to borrow money. But do you have enough home equity to qualify for one? And if so, how much can you borrow with your line of credit?
The line of credit available to you will be displayed in the blue box at the top. Notice that you can vary these figures using the sliding green triangles on the chart if you want to explore a range of values. The chart with the three colored lines shows you how your available line of credit would vary across a range of appraised home values, given the figures you entered into the calculator. The lines correspond to the loan-to-value ratio your lender will allow. Want to calculate your payments for a home equity line of credit?
Then use our Line of Credit Payments Calculator to figure your payments during the draw phase or our Home Equity Loan and HELOC Calculator to estimate payments over the entire loan. How much can you borrow with a HELOC? Few, if any, lenders these days will allow you to borrow against the full amount of your home equity, although that was common during the pre-crash days. As a rule of thumb, lenders will generally allow you to borrow up to 75-90 percent of your available equity, depending on the lender and your credit and income. 90,000 with a home equity line of credit.
A home equity loan calculator like this one takes that all into account to figure how just how much of a line of credit you may be able to obtain, depending on all those factors. FICO scores of at least 660 or more, and many have even stricter requirements. But 720 or more should put you in good shape. 45 percent of your gross monthly income. Lenders consider all these factors together when you apply for a HELOC. For example, they may allow a lower credit score or more debt if you have a lot of home equity available. Similarly, if you have a lower credit score they might only allow you to use 75 percent of your total home equity rather than the 90 percent they might allow someone with strong credit.