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Yes. A home equity line of credit is based more upon the equity on your home, not so much upon your credit score. Plus, 653 ain't so bad.

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โˆ™ 2006-07-16 07:04:22
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Q: Can you get a home equity line of credit with a credit score of 653?
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Is obtaining either a home equity loan or a home equity line of credit based on your credit score?

I cannot think of any time when borrowing money that credit is not a considerable factor. So, yes, your credit score is a factor when borrowing money for either a home equity loan or a home equity line of credit.


What is the dollar amount limit you can access on a home equity line of credit?

amount depends on your credit score and the amount of equity you have in your home.


How can one acquire a home equity line of credit loan?

To apply for a home equity line of credit, one should contact the institution they do their banking from. This way, there is already a business relationship established. The line of credit will vary based on credit score and how much equity is owned.


What is one tip I should know before applying for a home equity line of credit?

Before applying for a home equity line of credit the one tip you should know is to know your credit score. By kowing your credit score you are able to approach your bank with the information you need to apply for the right program and recieve the right line of credit.


What is the home equity loan and line of credit?

The home equity loan is a way to release the equity of your home in order to borrow money. A line of credit is a phrase used for a method of obtaining credit.


What is the average interest rate for a home equity line of credit?

Interest rates for home equity lines of credit are typically in the 3.5-5% range. Of course, this depends on a number of factors, including one's credit score.


Where can one get details about an Orange Home Equity loan?

The home equity is a line of credit, a loan, or both. It starts with a home equity line of credit which is a form of revolving credit with a variable interest rate.


Who do i get my home equity line of credit from and what does home equity line of credit mean?

A Home Equity Line Of Credit (HELOC) is generally granted by a bank or credit union. Equity is the amount of your home that you actually own. For example, if your home is worth $100,000 and you have paid $20,000 in principal, your equity is $20,000. A loan can be made using this equity as collateral. A line of credit for this amount basically means you will be given a checkbook that draws upon the loan.


Could having an Equity Line of Credit possibly hurt your Credit Bureau Beacon score?

Definitely, your credit score isn


Can someone who is on the home deed but not on the mortgage get a home equity line of credit?

The persons who are on title must both sign for a equity line of credit.


What is equity line of credit?

An equity line of credit is issued based on the amount of equity you have in your home. If you have a $100,000 house and owe $75,000 then you would have $25,000 in equity.


Why would someone need an equity line of credit?

Equity line of credit is typically used in reference to a home loan. The amount of money paid into your home is your equity. With a home equity line of credit, it acts like a credit card. One may need it if they can not qualify for a credit card, or a higher credit limit on their cards.

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