Home Equity Line of Credit (HELOC)!

What is a Home Equity Line of Credit (HELOC)

A home equity line of credit also know as a HELOC, allows you to turn your home’s equity into cash. It is basically like a low interest credit card on your homes equity as a second mortgage.

There are several reasons why someone might choose to get a HELOC. One reason is that it can be a good way to finance home improvements or other large expenses. Because the interest rate on a HELOC is often lower than the interest rate on other types of loans, such as credit cards, it can be a more affordable way to borrow money. Additionally, the interest you pay on a HELOC may be tax-deductible, which can help you save money on your taxes . Finally, a HELOC can be a good way to consolidate higher-interest rate debt on other loans, such as credit cards, into one lower-interest loan .

Requirements to Get A Home Equity Line of Credit (HELOC)

Here are the main requirements needed to qualify for a HELOC

• Minimum Credit Score of 640
• Maximum Debt-to-Income Ratio of 50%
• Maximum Combined Loan to Value of 90% (That is the percentage of your first mortgage and HELOC compared to your home’s value)
• Max HELOC amount of $500,000
• Eligible on Primary Residences, Second Homes, and Investment Properties
• Eligible Property Types: 1-4 Units on Primary Residences, Condos, and Townhouses

We are partnered with many different lenders, that have different requirements for their HELOCs. Give us a call or complete HELOC Qualifier Survey below to learn more.

The Home Equity Line of Credit Process

Here's how our HELOC process works:

• Complete our simple HELOC Qualifier Survey
• We will reach out to Complete the HELOC application
• Upload Your Needed Documentation to Our Secure Portal
• Compare Your HELOC offers from Our Lender Partners
• Close on Your HELOC