Frequently asked questions
Questions homeowners ask us
Yes, if you qualify. If you have a first mortgage, the HELOC sits behind it as a second lien, leaving its rate, balance and term unchanged.
Yes, if you meet the other requirements. With no mortgage, the HELOC is in first position.
On the line we place, 640 for most applications. Scores below 640 aren’t eligible. Second homes and investment properties need 680+, and the highest amounts require 760+.
50% of gross monthly income on the line we place. Other lenders set their own limit.
Possibly. Eligible debts may be paid off at closing. The lender’s system determines which accounts on your credit report and title are eligible, so not every account will be, and accounts can’t be added manually. You review the debts marked eligible and select which to pay. Paying off credit cards to help you qualify requires a 680+ credit score and no charged-off card accounts. Paid-off cards stay open.
Funds are sent after you sign with a notary and any rescission period ends (three business days on a primary residence), then typically arrive in 2–3 business days. What adds time before signing: a desktop appraisal, a lien payoff statement (up to 14 days), identity or income verification, and ownership documents such as a trust certification. Payments to creditors for eligible debt payoffs can take up to 7 business days after funding.
On the line we place: single-family residence, townhome, planned unit development, condominium, duplex, 3–4 unit property — as a primary residence, second home or investment property. Parcels over 20 acres aren’t eligible, and stock cooperatives and tenancy-in-common shares aren’t either.
Possibly, if the property has no more than 2 existing liens and the application meets the other requirements. In California, existing liens may also be paid off at closing if the lender’s system confirms they’re eligible.
Not within the first 90 days. A home purchased in the last 90 days isn’t eligible, and neither is an applicant added to title in the last 90 days.
Yes, if your income verifies electronically and you meet the other requirements. Paper bank statements aren’t accepted, but with a 680+ credit score, income can also be calculated from linked business bank accounts.
In California, yes. Your total income can include your spouse’s income. Income from other co-owners can’t be used.
It depends on your application. You may see one offer or several. When there are several, you choose the trade-off, such as a lower rate or lower upfront costs rolled into the line. If verified income comes in below what you stated, you can link another income source or choose a lower offer if you qualify.
Yes, if you have a 680+ credit score and meet the other requirements. If it’s held in an LLC, you need a 700+ score and at least 25% ownership, and combined loan-to-value can’t be above 70%.
No. The first check is a soft pull. A hard inquiry comes later in the application if you proceed.
All of California. Our home market is Southern California — Orange County, including Irvine, Newport Beach, Costa Mesa, Tustin, Orange, Laguna Beach, Yorba Linda, Villa Park, San Juan Capistrano, Mission Viejo, Anaheim, Huntington Beach, Brea, Buena Park, Westminster, La Palma, San Clemente, Laguna Woods, Santa Ana, Garden Grove, Fullerton, and Los Angeles County. We also cover the San Francisco Bay Area, including San Francisco, Oakland, Berkeley, Walnut Creek, Fremont, San Mateo, Palo Alto, San Jose, and we work with homeowners anywhere in the state.
These are the requirements for the home equity line we place. Other lenders set their own guidelines, and some are more flexible.