Get the app


Home Equity Line Of Credit

Home Equity Lines of Credit with SunMark

Own a home? You may be sitting on an investment to get the funding you need now. Borrow against your existing home equity to finance a renovation, start a project, or whatever else you need to finance.

Consult with a SunMark Mortgage Lender today to learn if you could qualify for a Home Equity line of Credit!




dream kitchen renovation

A HELOC requires an application process similar to a mortgage. A lender will look at credit score, employment history, monthly income, and debt. You will need to have equity in your home.  To determine the percentage of equity you have in your home, refer to the formulas below.

Home’s equity = Appraised Value of Home – Mortgage Balance

Home’s equity in dollars / Appraised Value of Home = Equity Percentage

To determine the estimated maximum amount you could borrow, refer to the example below.

Say your home is valued at $200,000.

$200,000 * 85% = $170,000

Then subtract that amount by your remaining mortgage balance.

$170,000 - $120,000 = $50,000

$50,000 would be the maximum HELOC amount available to you. However, note that depending on credit score, debt to income ratio, and other information you may qualify for less.


HELOCs can be a smart financial resource when used correctly. They combine the benefits of revolving credit with lower interest rates usually, and in some cases, the interest is tax deductible. Just remember, with a HELOC, you are using your home as collateral. This means your home could be at risk if value drops or there is an interruption in income.

Terms may vary. Consult with a SunMark Mortgage Lender today to learn if a Home Equity line of Credit is right for you!