Home equity line of credit
Borrow against the equity in your home without refinancing any first mortgage you already have, with eligible debts paid off directly at closing.
What our home equity line offers
- Typically lower rates than credit cards and unsecured personal loans2
- Apply with our 100% online application in minutes, with no in-person appraisal required and funding in as few as 5 days.1
- No out-of-pocket costs: fees come out of the line, then simple monthly payments2
- Any existing first mortgage keeps its rate, balance and term
- Pay for other expenses, such as home renovations or debt consolidation.
Everything above describes the home equity line we place. Other lenders offer different products, terms and guidelines.
Approval in as little as 5 minutes · Funding in as few as 5 daysApproval in minutes · Funding in as few as 5 days
Check my options
Tell us about the property and what you need. Checking your options starts with a soft credit inquiry, so it will not affect your credit score. You’ll get a straight answer, with no obligation.
Approval may be granted in five minutes but is ultimately subject to verification of income and employment, as well as verification that your property is in at least average condition with a property condition report. Five business day funding timeline assumes closing the loan with a remote online notary, and where loan amounts are under $400,000 which would not require an appraisal. Funding timelines may be longer for loans secured by properties located in counties that do not permit recording of e-signatures or that otherwise require an in-person closing, or that require a waiting period prior to closing, or where loan amounts exceed $400,000. On a primary residence, funds are sent after the three-business-day rescission period ends. Not all applicants will qualify.
What is a HELOC?
A home equity line of credit lets you borrow against the equity in your home. If you have a first mortgage, the HELOC sits behind it as a second lien, and that mortgage isn’t touched, refinanced or repriced. If you own the home free and clear, the HELOC is in first position.
That’s the whole reason it’s the right tool right now. If your first mortgage is well below today’s rates, a HELOC reaches your equity without giving that rate up.
Who qualifies?
- Credit score: 640+ for a home you live in, 680+ for a second home or investment property, 760+ for the highest amounts. Details
- Debt-to-income: up to 50%. Details
- Property: single-family residence, townhome, planned unit development, condominium, duplex, 3–4 unit property, on up to 20 acres. Details
- Existing liens: no more than 2, and no reverse mortgage or HUD lien. Homes owned free and clear can also qualify, with the HELOC in first position. Details
- Timing: owned and on title for more than 90 days. Details
- Credit history: no bankruptcy or foreclosure in 5 years, and no recent serious late payments. Details
- A Social Security number.
These are the requirements for the home equity line we place. Other lenders set their own guidelines, and some are more flexible.
How much can you borrow?
Lines run from $25,000 to $750,000. There’s no set amount until you apply: your line depends on your home’s value, the liens you’ll keep, your credit score and your debt-to-income ratio, and your offer shows what’s available. Above $400,000 a full appraisal is required, the home must be one you live in, and the highest amounts require a 760+ credit score. See how much can I borrow.
Paying off debt at closing
Eligible debts may be paid directly from the line when it funds, but which debts are eligible is determined by the lender’s system, not chosen freely. It reviews the accounts on your credit report and title (credit cards, personal loans, auto loans, home improvement loans, existing liens) and marks which are eligible. Not every account will be, and accounts can’t be added manually.
You review the debts marked eligible and select which to pay. Payoffs can come out of the amount you borrow, or be added on top so you keep your cash amount.
- It can help you qualify. Removing monthly payments lowers your debt-to-income ratio. Paying off credit cards to help you qualify requires a 680+ credit score and no charged-off card accounts.
- Payments to creditors can take up to 7 business days after funding.
- Paid-off cards stay open. Keep the balances from coming back.
From application to funding
- Soft credit check. See where you stand without affecting your score.
- Valuation. An AVM first, with a desktop appraisal normally used if one isn’t available.
- Verify identity and income. Finish within 14 days or the application expires.
- Review your offers. You may see one or several; with several, choose a lower rate or lower upfront costs. Then select from any debts marked eligible for payoff.
- Lien payoffs. If an existing lien is being paid off, its payoff statement can take up to 14 days.
- Sign with a notary. On a primary residence, a three-business-day rescission period follows.
- Funding. Funds are then sent and 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. See how the process works.
Does a HELOC affect your credit score?
The first check is a soft pull and doesn’t affect your score. A hard inquiry comes later in the application. If your score drops in between, your offer can change, so avoid new credit applications and keep every account current until you’ve funded. Once open, the HELOC appears on your credit report like any other account.
See where you stand
Property, rough numbers, and what the money is for.
How this HELOC compares against other options
Explore your options and see why a straightforward online application, quick funding, and competitive rates make this the smart choice for your financial needs.
| Feature | The HELOC we place | Traditional bank HELOC* | Average personal loan** |
|---|---|---|---|
| Application | 100% online, see your rate in minutes | Varies by lender, may require in-person processes | Varies by lender |
| Prepayment penalty | No | Varies by lender | Varies by lender |
| Tax deductible | For home improvement (consult a tax professional)3 | For home improvement (consult a tax professional) | Not tax deductible |
| Funding speed | Funding in as few as 5 days on loans of $400k or less1 | Could be weeks | Varies, generally quick |
| Average APR | Competitive2 | Variable rates, potentially higher | Typically higher than HELOCs |
- * lendingtree.com/home/home-equity/the-fastest-way-to-tap-your-home-equity/
- ** money.usnews.com/loans/personal-loans/articles/personal-loan-vs-home-equity-loan-which-is-better
What people open the line for
Home improvement
Project costs for Orange County, LA and the Bay Area, and how to fund them.
Learn moreDebt consolidation
Eligible cards and loans paid directly from the line at closing.
Learn moreEducation
Tuition at a secured rate, and when federal loans are still the better tool.
Learn moreFund a business
Qualifies on the owner, not the business. What that costs you.
Learn moreRetirement
Qualifying on retirement income or assets; a reserve you pay for only when used.
Learn moreIs a HELOC the right tool?
Disclosures
- Approval may be granted in five minutes but is ultimately subject to verification of income and employment, as well as verification that your property is in at least average condition with a property condition report. Five business day funding timeline assumes closing the loan with a remote online notary, and where loan amounts are under $400,000 which would not require an appraisal. Funding timelines may be longer for loans secured by properties located in counties that do not permit recording of e-signatures or that otherwise require an in-person closing, or that require a waiting period prior to closing, or where loan amounts exceed $400,000. On a primary residence, funds are sent after the three-business-day rescission period ends. Not all applicants will qualify.
- “Typically lower rates” compares home equity lines with credit cards and unsecured personal loans using published national averages, which are secured and unsecured products with different terms. Your rate depends on your application and is shown in your offer. “No out-of-pocket costs” means the origination fee and closing costs are paid from the line rather than in cash at closing; they are still costs, and they appear in your offer alongside the APR.
- You should consult a tax advisor regarding the deductibility of interest and charges to your home equity line.
More questions about the line
A credit score of 640+ for most applications, debt-to-income up to 50%, an eligible property type on up to 20 acres, no more than 2 existing liens and no reverse mortgage or HUD lien, more than 90 days of ownership, income that verifies, no bankruptcy or foreclosure in 5 years and no recent serious late payments, and a Social Security number. Scores below 640 aren’t eligible. Second homes and investment properties need 680+, and the highest amounts require 760+.
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.
These are the requirements for the home equity line we place. Other lenders set their own guidelines, and some are more flexible.