Before You Apply

First: Find out if you're eligible.Here are a few things you’ll need to help you qualify for a Chase home equity line of credit.

  • A good credit score. Your credit score should be at least 700.
  • A good credit report. Your credit history should be free of bankruptcies, foreclosures, repossessions, mortgage delinquencies, major derogatory public records, charge offs, short sales and other major credit issues.
  • A good credit history. You should have at least 24 months of credit history with at least three trade lines (i.e., an account that appears on your credit report).
  • Proof of employment and income sources. We’ll ask you to provide certain income documentation, including W2s, all pages of your tax return, investment and retirement income, and any other source of income (like alimony, child support and separate maintenance) you’d like us to consider as basis for repaying your loan. If you’re self-employed or relying on rental income, we’ll need to see copies of tax returns. Note: We may ask you to provide other documentation when you apply.
  • Collateral property. You'll need to prove that your collateral property is your primary residence; it must be a one- or two-unit property that you (the owner) live in most of the year.
  • A reasonable loan to value ratio. The ratio between the unpaid principal amount of a loan—or the credit limit in the case of a line of credit—and the appraised value of the collateral should be no more than 80%.
  • A reasonable debt to income ratio. Your monthly payments should usually be no more than 43% of your monthly income.

Note: We'll charge you a Line of Credit origination fee as part of your closing costs.

Next: Estimate your home's value

This isn’t an appraisal, but it’s a good place to start.