How do you get a HELOC?

To get a HELOC, you apply with a bank, credit union, or mortgage lender that reviews your home equity, credit score, debt-to-income ratio, and income. Most lenders require at least 15–20% equity in your home, a credit score of 620 or higher, and verifiable income. The process typically takes 2–6 weeks from application to funding.

Getting a HELOC starts with confirming you have enough equity in your home, then applying with a lender who will verify your credit, income, and property value. The CFPB's HELOC guide explains that lenders typically allow you to borrow up to 85% of your home's appraised value minus what you still owe on your mortgage.

Step 1: Check your equity and qualifications

Before applying, calculate your available equity: subtract your current mortgage balance from your home's estimated market value. Most lenders cap borrowing at 80–85% combined loan-to-value (CLTV). You'll also want to check your credit score — lenders generally require at least 620, with better rates above 700 — and estimate your debt-to-income (DTI) ratio, typically capped at 43%.

Equity needed: at least 15–20% of your home's value after accounting for existing mortgage debt
Credit score: 620 minimum for most lenders; 700+ for the most competitive rates
DTI ratio: most lenders require 43% or lower
Income: stable, verifiable income via pay stubs, W-2s, or tax returns (2 years for self-employed)

Step 2: Gather your documents

Lenders will ask for proof of ownership, proof of income, and a recent mortgage statement. Having these ready speeds up underwriting significantly.

Government-issued photo ID
Two years of W-2s or tax returns (self-employed: two years of business and personal returns)
Recent pay stubs (30–60 days)
Current mortgage statement showing your balance
Homeowner's insurance declarations page
Property tax statements

Step 3: Apply and go through underwriting

Once you submit an application, the lender will order an appraisal to confirm your home's current value and pull your credit report. Underwriting reviews your full financial picture. If approved, you'll receive a disclosure package — federal law gives you three business days to review it before the line opens. The entire process typically takes 2–6 weeks.

HELOC by the numbers

Lenders typically allow homeowners to borrow up to 85% of the home's appraised value minus outstanding mortgage debt. — CFPB — What is a home equity line of credit (HELOC)?
Federal law (the Truth in Lending Act) requires lenders to give HELOC applicants a disclosure booklet explaining the product and its risks before extending credit. — CFPB — Home equity plans
Under federal law, you have three business days after closing to cancel a HELOC (right of rescission) if the line is secured by your primary residence. — CFPB — What is the right of rescission?

Key takeaways

You need at least 15–20% equity (after existing mortgage debt) to qualify for most HELOCs.
A credit score of 620+ is the floor; 700+ unlocks better rates at most lenders.
Keep your DTI at or below 43% — pay down revolving balances before applying if yours is higher.
Gather two years of income documents and your mortgage statement before you start shopping.
Budget 2–6 weeks from application to your line being available; schedule around that timeline.