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Home Equity Lines of Credit
Basic Home Equity Line of Credit (HELOC)
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• Line Amount: $50,000 to $250,000
• Minimum FICO Score 640
• LTV Up to 95%
• No appraisal options available
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Our standard Home Equity Line of Credit (HELOC) is perfect for a wide variety of needs. The most common uses for a HELOC include home improvement, debt consolidation, and educational expenses. If offers the flexibility of knowing that you can pay it off and use it again in the future. You only borrow what you need for as long as you need it.
Home Equity ZipLine of Credit
• Close as soon as 10 business days or less
• Line Amount: $50,000 to $200,000
• Minimum FICO Score 700
• LTV Up to 85%
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The Fast Line is designed for homeowners who need quick access to their home’s equity. Unexpected expenses can appear at any time. The Fast Line is here to help homeowners cover things like medical bills, major auto repairs, educational expenses. It can also be used to consolidate date and increase your monthly cashflow.
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The Fast Line is available for non-self-employed borrowers whose income can be verified through electronic means. Property value is subject to a drive-by appraisal. Ten day or less closing is based on the average processing time for applicants who e-sign loan documents and submit requested documentation within 24 hours of application. Not all applications qualify for the Fast Line Process.
Credit Helper Line of Credit
Perfect for those home owners who always pay their mortgage on time but who have a thin credit file or a lower FICO score due to high credit balances.
How it works:
We will pull your credit at the time of application. If your credit score is below the minimum and you have no major derogatory events on your credit report we will use the Experian Credit Boost process to see if we can improve your score enough to qualify for a home equity loan or line of credit.
Borrowers who have had a major event within the last 7 years are ineligible for this product. Major events include bankruptcy, foreclosure, short sale, and deed in lieu of foreclosure.
Jumbo Line of Credit
• Line Amount: $250,000 to $500,000
• Minimum FICO Score 680
• LTV Up to 95%
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Our Jumbo Home Equity Line of Credit (HELOC) is perfect for those who need access to cash for larger projects. The most common used for a Jumbo HELOC include home improvement, debt consolidation, and property acquisition. If offers real estate investors the ability to make cash offers on other properties.
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A full Property appraisal may be required. The Jumbo HELOC is not to be used for business purposes or to make any structural changes to the property used as collateral.
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Equity Builder Line of Credit ( HELOC Pro ) ...Coming Soon...
With a traditional mortgage loan or line of credit you make a payment once per month. During that month your loan balance has remained constant (mortgage loan) or possibly increased (HELOC). Meanwhile interest is allowed to accrue for the entire month. What if you could use all of your excess cash to keep your loan balance as low as possible every day of the month?
The HELOC PRO is both a first mortgage and a HELOC. Equity is built by using your HELOC as a cashflow account. Funds are deposited into the account on a routine basis. Expenses are paid from your equity account. Every time a deposit occurs your balance decreases thus lowering the amount of interest that can accrue. If you tend to have a monthly positive net cashflow you will greatly reduce the amount of interest paid over time. This simple strategy can take years off of the term of your loan.
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