Sarah Sharkey

Equity: You need to have at least 15% equity in your home. The maximum you can borrow is typically 85% of your existing equity.
Debt-to-income ratio: Your debt-to-income ratio — or the amount of debt you have relative to your gross income — usually cannot exceed 43%.
Credit score: You should have good to excellent credit before applying for a home equity loan or HELOC. While exact credit score requirements vary by lender, you’ll generally need a score in the mid-600s to qualify for a second mortgage.
Payment history: Lenders will expect you to have a strong payment history, without any recent missed payments.

7+ years of experience in personal finance.
Work has appeared on Business Insider, USA Today, and Newsweek.

Bio and experience

Sarah Sharkey is a personal finance writer who enjoys diving into the details to help readers make savvy financial decisions. Sarah has been writing about money for over seven years. She covers mortgages, insurance, money management, and more.

Education

Sarah has a bachelor’s in biology from the University of Florida and a master’s in management from the Hough Graduate School of Business at the University of Florida.