Benefits of a HELOC
(Not Available in Alaska, Colorado, Delaware, Texas, Hawaii, Kentucky, West Virginia, New York)
You may be eligible for a line of credit secured by the equity in your home! Receive funds in as few as 5 days!*
• 100% online application, no need to go to the bank, apply from the comfort of your own home!
• Lower fixed rates compared to alternatives such as personal loans and credit cards.**
• Receive up to $400,000! 5, 10, 15 or 30 year terms.
• Use the funds to help pay for other expenses, such as home renovations, debt consolidation and more!
• Minimum Credit Score 620
Fill out the form to connect with a Loan Officer, or call (844) 486-1096. We look forward to working with you!
This product is offered by a lender with whom Bay Equity has a business relationship.
*Approval may be granted in five minutes but is ultimately subject to verification of income and employment, as well as verification that the property is in at least average condition with a property condition report. Five business day funding timeline assumes closing the loan with our remote online notary. Funding timelines may be longer for loans secured by properties located in counties that do not permit recording of e-signatures or that otherwise require an in-person closing.
** A HELOC is secured with your home as collateral.Important Information:
This is an open-end product where the full loan amount (minus the origination fee) will be 100% drawn at the time of origination. The initial amount funded at origination will be based on a fixed rate; however, this product contains an additional draw feature. As the borrower repays the balance on the line, the borrower may make additional draws during the draw period. If the borrower elects to make an additional draw, the interest rate for that draw will be set as of the date of the draw and will be based on an Index, which is the Prime Rate published in the Wall Street Journal for the calendar month preceding the date of the additional draw, plus a fixed margin. Accordingly, the fixed rate for any additional draw may be higher than the fixed rate for the initial draw.
Loan amounts range from a minimum of $20,000 to a maximum of $400,000. Your maximum loan amount may be lower than $400,000, and will ultimately depend on your home value and equity at the time of application. Home value and resulting equity are determined through independent data sources and automated valuation models.
To check the rates and terms you qualify for, we will conduct a soft credit pull that will not affect your credit score. However, if you submit an application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
Bay Equity Home Loans
NMLS ID# 76988
