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How To Pay Off A Home FAST
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How To Pay Off Your Mortgage in 5-7 Years
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Your home equity is the difference between what you owe on your mortgage and what your home is worth.

So, for instance, if your house is worth $500,000 and you owe $300,000 on your mortgage, you have $200,000 in equity in your house, which you can then use to take out a line with a HELOC.

To qualify for a HELOC, lenders want to see you have at least 15-20% equity in your home along with a good credit score of 700 or higher as well as a lower total debt balance.

85% is the maximum borrow amount and HELOCs are secured against your home, meaning that if you are behind on payments or you are delinquent on the loan, your property could be repossessed.

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