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Chasity and her team are great. Very personable and friendly.
I appreciate how easy they have made the process of
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Chasity was a pleasure to work with. If we had questions she was there to answer it in a timely manner. We really appreciate all the hard work that Chasity and her team put in to make our dream
of home ownership a reality!
A HELOC, or Home Equity Line of Credit, is a revolving line of credit that uses your home as collateral. It allows you to borrow money as needed, up to a certain limit, and pay interest only on the amount you draw.
A HELOC operates like a credit card: you’re approved for a maximum amount, and you can borrow from it as needed during a draw period, usually 5-10 years. After the draw period, you enter the repayment period, where you repay the borrowed amount over a set period, typically 10-20 years.
HELOC interest rates are typically variable, meaning they can fluctuate over time. The rate is usually based on a benchmark rate, such as the prime rate, plus a margin set by the lender.
To qualify for a HELOC, we typically look at your credit score (minimum FICO score to qualify is 640), income, employment history, and the amount of equity in your home. A good credit score and a significant amount of home equity can improve your chances of approval..
Yes, you can get a HELOC if you already have a mortgage, as long as you have enough equity in your home and meet the lender’s other qualifications.
Yes, you can typically pay off your HELOC after 90 days of lock-out period without prepayment penalty.
Approval may be granted in 5 minutes but is ultimately subject to verification of income and employment, as well as verification that your property is in at least average condition with a property condition report. 3 business day closing assumes closing the loan with our remote online notary. Closing timelines will be longer for loans secured by properties located in counties that do not permit recording of e-signatures or that otherwise reqyuire an in-person closing.
A Division of Tyky, LLC | Equal Housing Lender
NMLS #1048641
Licensed by the Department of Real Estate under the California Residential Mortgage Lending Act