UNLOCK THE POWER
of your home equity today!
1) APPLY
2) QUALIFY
3) ACCESS
What is a HELOC?
A Home Equity Line of Credit (HELOC) is a financial product that allows homeowners to borrow against the equity they have built up in their homes. Equity is the difference between the current market value of a home & the remaining balance on the mortgage.
With a HELOC, homeowners can access a line of credit, similar to a credit card, that is secured by their home. The amount of credit available is based on the appraised value of the home & the percentage of equity the lender is willing to extend.
HELOCs can be a valuable financial tool for homeowners who have built up equity in their homes & need access to funds for specific purposes.
What's it used for?
One of the key features of a HELOC is its flexibility. Homeowners can choose when & how much they borrow from the available line of credit, & they only pay interest on the amount they use. This allows for greater financial freedom & the ability to tap into home equity for various purposes, such as:
☆ Home Improvements
☆ Debt Consolidation
☆ Education Expenses
☆ Emergency Funds
☆ Investment Opportunities
*It's important to note that each homeowner's financial situation is unique, & using a HELOC should be done responsibly after considering factors like interest rates, repayment terms, & the ability to manage debt.
Are you ready?
Getting started with a HELOC is simple & straightforward. With just a few easy steps, you can access the funds you need. Take advantage of the value you've built in your home & achieve your financial goals today. Click below to start on your application.
☆ Online application is fast & easy
☆ Full draw is taken at closing with no prepayment penalties applied
☆ Re-draws may be taken in minimum increments of $500, up to the full line amount
☆ No in-person appraisal
Frequently Asked Questions:
What HELOC credit terms are offered?
HELOCs offer 1st, 2nd, and 3rd lien eligibility.
Available for primary, second home, and investment properties
Terms include 30, 15, 10, and 5-year fully amortized options
AutoPay Discounts available
Full P & I Payments
Various draw periods
85% maximum Combined Loan-to-Value (CLTV)
+620 FICO score requirement
Loan amounts from $25,000 to $400,000
50% maximum Debt-to-Income (DTI)
How much does the HELOC cost me?
Borrowers will pay a one-time origination fee of 1.99 or 2.99%. The fee is financed into the total loan amount schedule and deducted from the original approved Credit Limit when the line of credit is funded.
For states with an origination fee “cap” (preventing the origination fee from meeting the above boundaries), 0 Fee may present based on the states “cap”
Manual Notary Fee (if applicable) between $150 and $350
Depending on the location of the subject property, a manual notary fee may be used in lieu of a electronic notary.
Manual Notary Fee: Does not impact the APR and will be deducted from the total line of credit amount
Fee may apply in the following states: AK, AL, AR, AZ (only Pima Co.), CA, CT, DC, FL, GA, IL, IN, KS, LA, MA, ME, MI, MN, MO, MS, MT, NC, ND, NH, NJ, NM, OH, OK, OR, PA, RI, SD, TN, VA, UT, VT, WA, WY
Can the loan be paid back 100% as soon as it’s received?
Yes, the HELOC can immediately be repaid after the initial disbursement. There are no prepayment penalties, however there are a couple things to consider:
The borrower may still have a regular monthly payment until any origination fee, notary fee, and accrued interest has been paid.
Additionally, with any future draw(s) the APR will be determined at the time of request, so the rate may differ from what's selected during the application process. Draw period can range, but is part of the terms selection process. Refer to the signed HELOC Agreement for details on the additional draw feature and how APR will be determined at the time of request.
With any future draw requests, a new AVM will be run and if the value of the property has declined significantly below the appraised value at origination, the right to obtain an additional draws will be suspended until the significant decline in value no longer exists.
What types of properties are eligible for HELOCs?
HELOCs are secured by:
Single unit/single-family owner-occupied residences
Townhouses
Planned urban developments (PUDs)
Condominiums (including Mid-Rise and High Rise Condos)
Are co-borrowers permitted on HELOCs?
Co-borrowers are not permitted.
Only one owner applies and signs for the line of credit, but any additional owners on the title must sign the mortgage document.
Can a HELOC be obtained on a home that is paid off?
Yes, first liens are available on a primary residence.
What documents are required for the HELOC application?
Borrowers need to provide:
Full legal name
State-issued ID, IRS.gov or ID.me login information
User IDs for bank accounts
Proof of homeowner's insurance (if applicable)
What happens during the credit check for HELOCs?
A soft credit check is run when the loan officer submits the lead.
A soft credit check is run when the borrower is reviewing offers
A hard credit check is obtained only after the borrower selects the terms and submits the application.
What income is allowed for HELOCs?
Various incomes are acceptable, including:
Asset depletion
W2
Variable pay
Self-employment
Can I make additional draws?
Yes, Additional Draws are available based on the original term of the loan.
5 Year Repayment Term = 2 Year Draw Period
10 Year Repayment Term = 3 Year Draw Period
15 Year Repayment Term = 4 Year Draw Period
30 Year Repayment Term = 5 Year Draw Period
Still Have Questions?
