Leverage Your Home’s Equity with MortgageDepot’s Stand-Alone Home Equity Line of Credit (HELOC)

A Stand-Alone Home Equity Line of Credit (HELOC) is a flexible mortgage solution that empowers homeowners to leverage their property’s equity. Unlike traditional HELOCs typically tied to primary mortgages, a Stand-Alone HELOC is an autonomous line of credit, exclusively secured by the property’s equity. This liberates homeowners from the need to refinance their existing mortgage when accessing funds. With a Stand-Alone HELOC, borrowers can conveniently borrow and repay multiple times during the draw period, granting them financial freedom while harnessing the value of their property.

This type of loan holds potential benefits for various individuals and groups. Firstly, homeowners embarking on home renovations or improvements can take advantage of Stand-Alone HELOCs, offering a versatile and cost-effective means of financing these endeavors. Moreover, individuals seeking to consolidate high-interest debts can utilize a Stand-Alone HELOC to retire existing loans, potentially reducing their interest payments. Furthermore, entrepreneurs and small business owners can tap into this credit line to finance their business ventures.

Who can benefit from our Stand-Alone HELOCs? Here are some key advantages:

• Home Renovators and Improvers: If you’re planning to undertake home renovations or improvements, our Stand-Alone HELOC offers a flexible and cost-effective way to fund your projects.
• Debt Consolidators: Individuals looking to consolidate high-interest debts can use our Stand-Alone HELOC to pay off existing loans, potentially saving money on interest payments.
• Entrepreneurs and Small Business Owners: If you’re a business owner or entrepreneur, our Stand-Alone HELOC can serve as a valuable credit line to finance your business ventures.

Key Features:

• Stand-Alone: Applicable for properties with existing first liens, properties with no existing first liens, or refinancing the existing first lien into a HELOC as the first lien.
• Flexibility to draw HELOC funds as needed.
• Line amounts ranging from $50,000 to $500,000.
• Maximum Combined Loan-to-Value (CLTV) ratio of 90%.
• Minimum FICO score requirement of 700.
• Variable interest rate based on The Wall Street Journal prime rate.

Available Property Types:

• Primary residences
• 1–4-unit primary properties, 1-unit second homes, and investment properties
• Warrantable condominiums
• Planned Unit Developments (PUDs)

At MortgageDepot, we believe that our Stand-Alone HELOCs offer homeowners a unique and valuable financial tool. With our standalone approach, you’ll enjoy greater flexibility in managing your home equity. Tap into your home’s equity while keeping your existing mortgage intact and pay interest only on the amount you borrow. Whether you’re funding home projects or managing expenses, our Stand-Alone HELOCs provide a practical and accessible solution.

Feel free to reach out to one of our Loan Consultants for more information on obtaining a home equity line of credit. We’re here to help you make the most of your property’s potential.