Overview of the Express HELOC Program

 

This is an open-end product, meaning that upon loan approval, 100% of the total loan amount (minus any origination fees) is drawn immediately.
The initial draw is based on a fixed interest rate, and the product includes a re-draw feature.  As the borrower repays the balance, they may make additional draws during the draw period.  The interest rate for any additional draw will be set at the time of that draw, based on the Prime Rate published in the Wall Street Journal (WSJ) for the previous month plus a fixed margin.  Therefore, the fixed rate for future draws may be higher or lower than the initial draw rate.

Because this program disburses the full loan amount upfront, it is ideal for borrowers who need immediate access to cash.  Repaid amounts can be re-borrowed during the draw period.

Approval & Funding

• Approval may be granted in as little as 5 minutes, but it is ultimately subject to verification of income, employment status, and property condition via a Property Condition Report.
• Funding is typically available within 5 business days when the loan is closed through a Remote Online Notary, provided the loan amount is $400,000 or less and does not require an appraisal.
• Funding timelines may be longer in the following situations:
  • • The property is located in a county that does not permit e-signature recording

    • The area requires in-person closing

    • A mandatory waiting period is imposed before closing

    • The loan amount exceeds $400,000

 

 

 Credit Check Information

• To check available rates and terms, a soft credit pull is performed. This will not affect your credit score.
• However, if you submit a full application, a hard credit pull will be performed, which may impact your credit score.
• For personal credit scores between 600 and 639, the maximum loan amount is up to $250,000.

 

 

 Collateral & Loan Terms

• A HELOC is secured by your home, unlike personal loans or credit cards.
• Loan amounts range from $15,000 to $750,000
• • • • Alaska (AK): minimum $25,001

      • Texas (TX): minimum $35,000

• Final approval is based on home value, equity, creditworthiness, income, and existing liens

• Loans exceeding $400,000 require a formal appraisal

 

 

 APR & Fees

• This program offers fixed-rate loans — the rate for each draw is locked at the time of the draw and will not change later.

• APR ranges from 6.70% to 15.15%

• In some cases, selecting a higher origination fee may qualify borrowers for a lower interest rate

• The lowest APRs are available only to:
• • • • Highly qualified borrowers

      • Applicants selecting a 5-year loan term

      • Residents in eligible states

• Loan terms available: 5, 10, 15, and 30 years

• Your interest rate will depend on:

  • • • Credit score

      • Loan-to-value ratio (LTV)

      • Occupancy status

      • Loan term

      • Whether you choose to pay a higher origination fee for a lower rate

• Rates are subject to change and are finalized on the application date

• APR does not include other costs, which may include:

  • • • Origination fee: 0% to 4.99% of the initial draw (varies by state and credit)

      • AVM fee (if automated valuation is not available): $180

      • Appraisal fee (if loan exceeds $400,000): $500–$2,000

      • Manual notary (for counties that do not allow eNotary): $350

      • Recording fees: $0–$315

      • Recording taxes: $0–$1,400 per $100,000 borrowed (varies by state/county)

 

 

 Insurance Requirements

Property insurance is required as a condition of the loan.
Flood insurance may also be required if the property is located in a designated flood zone.

 

 

 

 What Types of Properties Are Eligible for a HELOC?

Eligible properties:

• Single-family homes

• Townhouses

• Planned Unit Developments (PUDs)

• Most condominiums, including Warrantable and Non-Warrantable Condos.

Ineligible properties:

• Co-ops

• Commercially zoned real estate

• Multi-family homes (2+ units)

• Manufactured homes

• Earth or dome homes

• Timeshares

• Log homes

• Houseboats

• Mixed-use properties

Additionally, properties that have had a title change within the past 90 days or are deemed below average condition are not eligible.

 

 

 

 What Types of Ownership Qualify?

You can apply for a HELOC if the property is owned:

• Solely or jointly (Fee Simple Ownership)

• Through a Revocable Trust

The borrower’s name must appear in the county records as the legal owner of the property.

 

 

 

 Are Investment or Vacation Homes Eligible?

Yes.
HELOCs are available for both primary residences and second/vacation homes.
However, a minimum credit score of 680 is required for investment properties.

 

 

 

 Can I Get a HELOC on a Fully Paid-Off Home?

Yes.
You can apply for a HELOC even if your home is owned free and clear.
We support both first and second lien positions, allowing you to borrow against a home with no existing mortgage.