We are thrilled to unveil our latest offering in the home equity lending market—a revolutionary Fixed-Rate Home Equity Line of Credit (HELOC) that sets a new standard for flexibility and affordability. This product is designed to give homeowners a stable, predictable financial tool that stands out in today’s competitive market.
Fixed-Rate HELOC
Our Fixed-Rate HELOC is not just another line of credit; it’s a unique financial solution that offers the stability of a fixed interest rate throughout the entire term of the loan. Unlike traditional HELOCs that may offer a conversion option to a fixed rate, our product is fixed from the start, providing peace of mind and financial predictability.
Key Features
– Fixed Interest Rate: Enjoy the security of a fixed rate set at the time of registration/rate lock, ensuring your payments remain consistent over the life of the loan.
– Flexible Loan Terms: Choose from 15, 20, or 30-year terms, allowing you to tailor the loan to your financial goals and timeline.
– Generous Draw Period: Benefit from a 3-year draw period, giving you ample time to access funds as needed.
– Fully Amortizing Payments: Payments are fully amortizing, adjusting as your balance changes, ensuring you only pay for what you use.
– Initial Draw Requirements: The initial draw is set at $25,000 or 75% of the line amount, whichever is higher, providing immediate access to significant funds.
– Investment Property Flexibility: Our HELOC is available for investment properties, even in the first lien position, offering versatility for property investors.
Our Fixed-Rate HELOC is a market-first, offering better interest rates and a unique product that competitors are not currently providing. This gives you a distinct advantage, whether you’re a homeowner looking to leverage your home’s equity or a financial advisor seeking innovative solutions for your clients.
Aligned Credit Requirements
We have streamlined our HELOC and HELOAN matrices to ensure consistency across all products. With a minimum credit score requirement of 640, we are committed to making our products accessible to many customers.
Appraisal Requirements
For first-lien HELOCs, full appraisals are only required for loan amounts of $250,000 or more or when the Combined Loan-to-Value (CLTV) exceeds 90%. This approach simplifies the process and reduces unnecessary costs for our clients.
For more information about our HELOC or HELOAN programs, please contact us.
