Here are the best tips for you to try to get approval for a home equity loan.
Tip 1: Quantify your equity
Keep at least 15%-20% equity in your house so it is sufficient to borrow from.2: Check credit score
Review your credit score and then improve it to over 700 to qualify for the best loan offer.Tip 3: Browse multiple lender choices
Shop around different lenders to see if you qualify for one with simple borrower requirements.Tip 4: Limit your DTI ratio
Keep your DTI ratio below 43% of your gross income per month.Tip 5: Show you have a steady income
Don't make any huge employment changes since lenders will check if you have a steady, recurring income.Tip 6: Avoid creating new credit applications
Limit applying for multiple new credit options to avoid appearing financially irresponsible to lenders.