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| Modify Your Existing HELOC | Apply for a New HELOC | |
|---|---|---|
| Best For | If you want an easy and quick way to take advantage of the lower rate on your existing HELOC without changing your credit line or term. | If you have an interest in a brand new line of credit to increase your credit line or to start with a new promotional rate term. |
| Your Line of Credit Limit | Will not change. | Your credit limit will be determined through the underwriting process. |
| Loan to Value Limit | Existing Combined Loan to Value (CLTV) must be 85% or less. | Will need to be at 85% CLTV or lower to take advantage of the promotional rate. |
| Promotional Rate Term | Your promotional rate is a 12 month term. | Your term will begin with 12 months of the promotional rate. |
| Fee | $275 flat fee. | No fee. |
| Credit Inquiry | A new credit inquiry will not be needed. | Will require a new credit inquiry which may have an impact on your credit score. |
| Appraisal | Does not require a new appraisal to be performed. | May require an appraisal based upon your property attributes. |
| Time Frame | It's easy, quick, and can be completed in as little as one week. | May require some additional documentation to validate current income and other items. May take up to 3-4 weeks to close on the new line. |
| To be Eligible | Remaining draw period must be equal to or greater than 12 months. |
N/A |
| Loan Limit | $5,000-$150,000 |
$5,000 - $150,000 Promotional Rate or $5,000 – $250,000 Standard Rate |
| Choose your Option | Modify Existing HELOC | Apply for a HELOC |