Thanks to elevated home prices, many homeowners have found themselves with an unexpected boost in their home equity in recent years. That creates an opportunity to borrow with a home equity line of credit (HELOC). Whether you'll be approved for a HELOC will depend on your home’s value, mortgage balance, debt-to-income ratio, and credit score, among other factors. In this article: What is a HELOC, and how does it work? A HELOC is a type of second mortgage that is a revolving credit line secured by your h ...