Home equity loan with a 700 credit score

Credit scores generally run from 300 to 850, and a 700 score is usually seen as good. It's above the minimum many lenders set for home equity loans, but below the scores that tend to get the best pricing.

Clearing the minimum doesn't mean automatic approval. Lenders also look at your income, debts and equity.

Lenders price by risk, so a lower score usually means a higher rate or an upfront fee. At CapCenter, a credit score of 780 or below is one of the cases where an upfront fee may be charged when the rate can't be adjusted enough. Your quote shows any added costs. You can pick your score range on the rates page to see rates for it.

• Combined loan-to-value (CLTV): all the loans on your home compared with its value. Borrowing less may help your pricing.
• Debt-to-income ratio: your monthly debts compared with your income.
• Income you can document, like pay stubs, tax returns or retirement income.
• Your payment history on your current mortgage.

Small changes can move your score in a month or two.

• Pay down credit card balances. Lower balances compared with your limits often help quickly.
• Pay your bills on time from now until closing.
• Avoid opening new credit cards or loans.
• Check your credit reports for errors and dispute any you find.

If your score is close to a higher range, a short wait could lower your rate. If you need the money soon, or rates may rise, waiting may not pay off. Your loan consultant can help you compare.

A home equity loan keeps your first mortgage and adds a second fixed-rate loan. A cash-out refinance replaces your mortgage with one larger loan at today's rates. If your current rate is low, a home equity loan often makes more sense. Both come with ZERO Closing Costs at CapCenter (restrictions apply; see Offer details).

CapCenter home equity loans range from $50,000 to $250,000, with a fixed rate for 15, 20 or 30 years. The maximum depends on the loan type and purpose, and a loan consultant can tell you yours.