You can apply through the lender that gave you your primary mortgage, but it isn't required – in fact, shopping around for the best home equity loan rates and terms is strongly encouraged.To qualify for a home equity loan, you need three things: home equity, credit and income.
WARNING: This comparison rate is true only for the examples given and may not include all fees and charges.
You need enough sufficient home equity to both borrow against and leave an adequate cushion afterwards.
In practical terms, that means you need to have at least 25-30 percent equity in your home in order to qualify for a home equity loan (see "How much can I borrow," below) in order to both cover the amount of the loan and leave 15-20 percent equity remaining.
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A credit score in the mid-600s is usually adequate to qualify for a home equity loan, unless you're borderline on income or equity.