How much equity do I need in my house for an equity loan or line of credit?

[Anonymous]

I'm trying to figure out if we can get a home equity loan or line of credit. Does anyone know what percentage of equity it akes? We have close to 20% equity in our house - am I dreaming that we can take some money out?

[Anonymous]

it is really tough to get a total CLTV (combined loan to value) ratio over 80% today. However, 85% or 90% is still possible at a very limited number of bank. Try a credit union.

[Anonymous]

THanks - do you know if you have to bank with a credit union on order to get a loan from them?

[Anonymous]

I think you have to bank with the credit union. Are you sure you want to take a loan out with only close to 20% equity? We have one, in fact, just opened it, but it's only to have it in the event we absolutely need it. We're doing a kitchen and bath reno now, but we saved the cash for it. Bought 10 years ago and have 400K equity (and lived with very crappy kitchen the entire time).