What credit score and equity requirements are needed to qualify for a HELOC?

Most lenders require a credit score of at least 620 and a combined loan-to-value ratio (CLTV) of 85% or less. You typically need at least 15-20% equity after the HELOC. Better rates and terms are available with higher credit scores and more equity.

How quickly can I access funds once my HELOC is approved?

After approval and closing (typically 2-4 weeks), funds are usually available within 3 business days of your first draw request. Most lenders provide multiple access methods, including online transfers, mobile apps, checks, or cards. Required wait times between draws vary by lender.

HELOC Rates, Requirements and Alternatives

See live rates from multiple lenders with a soft credit check that will not affect your score. Below: what lenders actually look for — and your options if a HELOC is not a fit.

Before You Apply

What Is a HELOC?

A home equity line of credit is a revolving credit line secured by your home. Unlike a home equity loan, which pays out a lump sum, you draw what you need during the draw period, repay it, and can borrow again up to your limit. Most carry a variable rate tied to the prime rate plus a lender margin, and some let you lock part of the balance at a fixed rate.

The rates above are live for your ZIP. Change the loan amount or credit band to see how the offers move — then use the rest of this page to judge which one is worth taking.

Key HELOC Terms

Term	What it means
Loan-to-value (LTV)	Your mortgage plus the HELOC divided by the home’s appraised value. Most lenders cap this at 80–85%.
Draw period	Usually 5–10 years. You can borrow against the line, and many lenders allow interest-only payments.
Variable rate	Moves with the prime rate. Periodic and lifetime caps limit how far the APR can climb.
Fees	Origination, appraisal, annual and early-closure fees vary widely. Some lenders waive closing costs.
Debt-to-income (DTI)	Most lenders want under 43–50%. The best pricing goes to borrowers below 36%.

How to Choose a HELOC Lender

What to weigh	What good looks like
Rate type	Variable starts lower but can climb. A fixed-rate conversion option caps that risk.
Draw period	Longer suits staged projects; shorter forces faster repayment, sometimes at a better rate.
Repayment	Interest-only keeps cash flow light during the draw, but the full balance is still owed after it.
Fees	Look for no origination, no annual and no early-closure fee. Compare total cost, not just APR.
LTV cap	Higher caps (85–90%+) unlock more equity but usually price higher.
Credit score	Most prime-rate HELOCs want 680+. Below that, a home equity investment is often the more realistic route — it underwrites on your equity rather than your score.
Funding speed	Fintech lenders can fund in about five business days; a bank doing a full appraisal may take 30–45.
Trust signals	Check licensing footprint, CFPB complaint counts and BBB rating.

HELOC, Home Equity Loan or Home Equity Investment?

HELOC: variable rate, revolving line, draw as you go. Best for ongoing or unpredictable costs — staged renovations, an emergency reserve, tuition.

Home equity loan: fixed rate, lump sum, fixed monthly payments. Best for a one-off cost you can price up front.

Home equity investment: not a loan. You sell a share of your home’s future change in value for cash today, so there is no monthly payment and no interest rate — you settle when you sell the home or buy the investor out. Because it is secured by your equity rather than your income, the credit and DTI bars that stop a HELOC matter far less. For an owner a HELOC has turned down, it is often the only route to the same money.

Point is the provider we rate highest for that case. It operates in 30 states and checks your equity, not your credit score:

Learn More

Point

3.9MoneyAtlas Rating

Read our full review

on Point's site

Not available where you live? See every home equity investment option for your state.

How to Apply

Pre-qualify with a soft credit pull — no impact to your score — then a full application with a hard pull, a home valuation, a title search and closing. It runs from about a week with a fintech lender to six weeks with a bank.

Ready to see real numbers? The rate table at the top of this page shows what lenders are offering in your state right now — adjust the loan amount to match what you actually need.