Connect with us

Hi, what are you looking for?

Finance for Homeowners

How to Get a HELOC with a Co-Applicant

Curious about how to get a HELOC with a co-applicant? Prosper can help. If you’re a homeowner, you may have wondered how to get a home equity line of credit to access the equity in your home. While some may think that equity guarantees you access to a home equity line of credit, or HELOC, it does not mean you qualify for one. Learn more about what a HELOC is and how it works. In this post, we’ll cover how to get a HELOC with a co-applicant.

How to Get a HELOC with a Co-Applicant

To qualify for a home equity line of credit, you’ll need more than equity in your property. Your current income level, credit score, and credit history all play a part. A lender may deny your HELOC application because of your income level or a red flag on your credit report.

While low income and poor credit could be roadblocks, there are ways to boost your HELOC approval chances. Here, we’ll cover how to get a home equity line of credit by applying with a co-applicant.

How to Get a Home Equity Line of Credit with a Co-Applicant

Your co-applicant, sometimes referred to as the co-borrower, is a trusted person who’ll share the liability for repaying your home equity line of credit. The co-applicant assumes equal ownership, payment and overall responsibility for the loan payments.

When considering how to get a home equity line of credit, you might seek out a reliable co-applicant with a solid credit history or a higher income than yours to improve your approval chances. Often, people choose to co-borrow with a partner or spouse to qualify for a larger loan than either one of the individuals could get on their own.

How a Co-Applicant May Help You Get a HELOC 

Having a co-applicant on a home equity line of credit application could benefit you as the borrower. A co-applicant with good credit could help a primary borrower with shakier credit get HELOC approval. A co-applicant may also help secure it at a lower interest rate. Not only that, you might be able to access more equity in your home by applying for a HELOC with a co-applicant.

If you’re thinking about how to get a home equity line of credit to consolidate debt or pay for home renovations, consider adding a trusted co-applicant to your HELOC application to increase your approval chances.

Read more


HELOCs through Prosper may not be available in all states. Please carefully review your HELOC credit agreement for more information.

All HELOCs are underwritten and issued by Spring EQ, LLC, an Equal Housing Lender. NMLS #1464945.

Prosper Marketplace NMLS
Prosper Marketplace, Inc. NMLS# 111473
Licensing & Disclosures NMLS Consumer Access

Prosper Funding LLC
221 Main Street, Suite 300 | San Francisco, CA 94105
6860 North Dallas Parkway, Suite 200 | Plano, TX 75024
© 2005-2021 Prosper Funding LLC. All rights reserved.



Join our mailing list

Latest

Person checks their FICO Score

Credit Score Information

Most adults in the United States have at the very least, heard of a FICO® Score. However, most lack knowledge of the nitty-gritty of...

Woman looks up credit report compiled by the three credit bureaus Woman looks up credit report compiled by the three credit bureaus

Credit Score Information

You’ve probably heard a lot about the three credit bureaus, but many Americans aren’t sure exactly what they are. That’s OK because Prosper’s got...

MAn applies debt snowball strategy to his finances MAn applies debt snowball strategy to his finances

Credit Management

There are several common strategies to address personal debt, but one of the most well-known is the debt snowball strategy. Today, we will look...

Investor Center

Today we are sharing performance data from the Prosper Portfolio for March 2022. Highlights from the Prosper Performance Update – March 2022: Performance Update...

Ways to Save Money and the Environment Ways to Save Money and the Environment

Financial Lifestyle

There are many easy ways to save money and the environment in our everyday lives. From the laundry room to the mailbox, the grocery...

Credit Management

With another year behind us, we find ourselves in tax return season once again. While 2021 did bring back some semblances of stability and...

You May Also Like

Finance for Homeowners

The two most common options for accessing home equity are a home equity line of credit (HELOC) and a cash-out refinance. Let’s take a...

Finance for Homeowners

Conventional wisdom says that entering retirement with no debt is the goal when it comes to retirement strategies. Sure, that may be possible for...

Company News

BBVA USA, the U.S. subsidiary of Madrid-based BBVA, today announced it is offering a digital Home Equity Line of Credit (HELOC) through its website,...

Best Practices

As we’ve discussed previously, there are several ways to build an emergency fund to help see you through a seismic life event or an...