HELOC
Thinking about growing your portfolio, building your business, paying off debt, fixing up the house, or putting money into something that can grow? This is where homeowners take advantage of debt leveraging with a HELOC
What Is a Digital HELOC?
A HELOC (Home Equity Line of Credit) is a revolving line of credit secured by your home equity. You borrow what you need when you need it, and you only pay interest on what you actually use. It has 2 periods. The Draw Period and the Amortizing Period.
The Draw period is when the HELOC acts like a credit card. You will receive monthly statements letting you know your balance, interest, and limit. You can pull cash out of it when you need it and pay it down at your discretion just like a credit card.
Any remaining balance at the end of the draw period converts to a fully amortizing loan. You will no longer be able to draw from the line and your monthly payments will consist of both Principal and Interest.
- Soft Credit Check for eligibility and terms
- Fully online process
- Automated income calculation via Plaid® or The Work Number®
- Plaid® uses bank activity to calculate income
- The Work Number® verifies income automatically from big corporations
- We use your Experian app score (FICO 8)
- Quickly Access funds when you need them
- Does not affect rate on your first mortgage
- Typically No Appraisal Required. Estimated with Average Market Value
Let's check how much you could unlock today.