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How not to do a HELOC – go to your bank

Need to consolidate bills for a lower monthly payment? Want some fast extra cash? A HELOC is short for a home equity line of credit. It functions much like a credit card but with lower rates. You take out money when you need it, and you pay interest only on the outstanding balance. Surprisingly, your local bank is not the best way to get a HELOC. Here’s why:

  • Do you want to take a few days or weeks to get a HELOC?
    • A bank will take weeks, sometimes even months. Their process is cumbersome, and bogged down with age old bank procedures. I’ve watched clients of mine get rightly frustrated at how long their bank was taking to do something so simple.
      • But a “FAST” digital HELOC will take just a few days.
  • With a “FAST” digital HELOC, you can find out how much you qualify for almost instantly.
  • Most banks don’t do a HELOC if your credit score is below 720. But a “FAST” digital HELOC will go down to as low as 640.
  • If you looking to access to funds to buy a new primary residence, most banks won’t allow a HELOC. But the “FAST” digital HELOC allows this.
  • The best time to get a HELOC is when you don’t need one. The second best time is when you want to lower your monthly payments on your credit cards without refinancing your low home mortgage rate.
  • Want to know how much you’ll save in monthly payments? I’ll do a monthly payment savings analysis.
See Real-Life HELOC Scenarios

It is important to understand all the requirements and benefits of a HELOC before applying to ensure that it is the right loan product for you. Contact Matt Silverman - Mortgage Unity or schedule a call today to see if you qualify for a HELOC loan.

Discover how a HELOC can help consolidate your debt and save you money.

Fill out the form below to get started and take the first step toward financial freedom!

FAQ’s HELOC

“FAST” digital home equity line of credit

What exactly is a HELOC?

A HELOC works similar to a credit card. You’ll have a credit line (meaning you can borrow up to a certain amount) and can take out funds at any time You pay interest only on the funds withdrawn. The interest rate is typically far lower than credit cards, because you are using the equity in your home to secure the loan.

You keep your existing low interest first mortgage and get to use the equity in your home for debt consolidation or for a special purpose, or both.

Can I use a HELOC to consolidate debt?

Absolutely!  It’s one of the best features of a HELOC.  Credit cards can be as high as 30% interest, which is why many people never seem to get rid of credit card debt.  A HELOC rate is far less, and because you only pay the interest, the monthly payment savings can get your monthly cash flow back under control. You pay down the balance by paying more than the minimum payment.

Are there credit score requirements?

We can go as low as 640. This is lower than most banks (usually 720+).

How is my credit line determined?

Credit line is determined by how much equity you have. We’ll do a desktop appraisal to determine value. It is also determined by your income.

Can I pay down the balance, then take funds out again later?

Yes,

Does this take a long time?

How does a few days sound?  Here’s where we differ from most banks that take weeks or months.

Is the rate fixed or adjustable?

Most HELOCs are an adjustable rate.

How are payments determined?

Minimum payments are paying just the interest on the amount withdrawn. While this gives you the most benefit to stabilize monthly cash flow.

What is my potential cash flow savings, and what I qualify for?

2 options:

  1. Complete the application: www.apply-with-matt.com  and you can have an approval as soon as the day after you complete your application
  2. Use the form at www.call-with-matt to schedule a 15 minute call, and I can give you a rough idea of monthly savings. Calls with Matt are a no-obligation, no-pressure zone.