A HELOC is a home equity line of credit. People also search this as a home equity loan. Either way, you are tapping equity in a house you already own, and you keep the first mortgage you already have.
The version I use is built for speed. A full approval can be done in 5 minutes, and funds can hit your account in as little as 5 days.
Who’s a Good Fit for a HELOC
Homeowners who need the money soon, and don’t want to wait weeks on a bank HELOC.
You want to keep your current first mortgage.
The money is for something real:
- credit cards or other debt
- a remodel
- school
- solar
- an ADU = a small extra unit on the same lot (casita, guest house)
- another large expense
The house can be your primary, a second home, or an investment. Single-family, condo, or townhouse. Some property types will not work.
You’re okay using the house as collateral. If payments stop, the house is at risk. That is true of any home-equity product.
If you just closed, or the title just moved into your name, we may need a little time before this path is open. I’ll tell you if that’s us.
How this HELOC works
Most bank HELOCs let you draw a little at a time. This one is different, and I want that said up front so nobody is surprised after they apply.
You get the approved amount at closing, minus any origination fee. Origination fee = what it costs to open the line. You will see it in the approval before you commit. Payments start as principal and interest, not interest-only. The line stays open. As you pay the balance down, you can borrow again for the term you pick. Each later draw gets its own rate at that time.
That is why it also covers people who searched “home equity loan.” You still get one funded amount up front. You just keep the option to tap again if you pay it down.
You can choose a fixed or a variable rate.
There can be an origination fee. You will see it in the approval before you commit. You can pay it down or off early without a prepayment penalty.
Five minutes and five days are the fast numbers. Title work, the property, or documents can add time. Not all customers will qualify.
HELOC vs a home equity loan vs cash-out
This HELOC: first mortgage stays. The approved amount funds at closing. You can use the line again as you pay it down.
A home equity loan: first mortgage stays. One check. Closed. No redraw.
Cash-out refinance: replaces the first mortgage and hands you a lump sum. Different tool. If that’s the tool, start on the cash-out page.
What I need from you
A basic application is the first step. You do not have to research this yourself. That’s what I’m here for.
Apply on this page. Shortly after, I will tell you what documentation I need. Once I have those, we hop on a call and go through the options in detail.
Starting the application is typically a soft credit pull. A hard inquiry can come later if we move forward.