Approval to have a house guarantee line of credit (or next mortgage) will vary considerably regarding bank so you’re able to bank. In Utah, and this can go after national requirements. Typically although not, the typical being qualified lowest to own a home security line of credit include:

• An obligations-to-income ratio off 43 percent or faster
• A credit score of at least 620 (and you can essentially high)
• Property value of at the least 20 percent more than one debt your currently owe

If you were to think this appears like a balancing operate, it is. Lenders is notoriously volatile regarding the requirements having 2nd mortgage loans-even after a good credit score.Seguir leyendo