Quote:
Originally Posted by Wookie
What's the requirement for getting a HELOC? I'm thinking about getting one to whipe out some other debts/cc/etc.
I can't imagine I have much equity in my place though, how is that calculated?
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I am not an expert like a lot of the posters here are, but when I was looking around at them most banks would give you 80% of the equity you have in your home. Some banks will just use current market prices to estimate your equity, while others will actually have someone come to your home and do it.
You also have to qualify for the HELOC, of course. They look at your income, debts, credit score, etc.