Introducing standalone home equity lines of credit.
Standalone home equity lines of credit (HELOC) offer borrowers access to their home equity without the need to refinance their first mortgage. That’s great news for those who don’t want to lose their low locked-in rate.
With a quicker approval process and expedited closings, your clients will enjoy their access to cash for tuition payments, paying down high-interest debt, home renovations, or emergency funds.
- Borrow on an as-needed basis, much like a credit card
- Line amounts of $10,000-$500,000
- Maximum CLTV: 89.99%
- 700 minimum FICO score required
- Variable interest rate based on the Wall Street Journal prime rate
- Multiple draw options
- 10-year draw period, 20-year repayment period
- Principal and interest payment only
Available property types:
- Primary and secondary homes
- 1- to 2-unit properties
- Warrantable condominiums
- Planned Unit Developments (PUDs)
- Modular homes