How much can I borrow?
Here’s how to figure out how much you can borrow with a HELOC:
- Take the value of your home and multiply it by 0.8 (0.8 represents the maximum amount of 80%).
- From this number, subtract the balance of your mortgage.
- The remaining amount is the amount you’d be able to borrow through a HELOC – as long as the amount does not exceed 65% of the value of your home.