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Modify Your Existing HELOC | ||
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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. | |
Your Line of Credit Limit | Will not change. | |
Loan to Value Limit | Existing Combined Loan to Value (CLTV) must be 85% or less. | |
Promotional Rate Term | Your promotional rate is a 12 month term. | |
Fee | $275 flat fee. | |
Credit Inquiry | A new credit inquiry will not be needed. | |
Appraisal | Does not require a new appraisal to be performed. | |
Time Frame | It's easy, quick, and can be completed in as little as one week. | |
To be Eligible | Remaining draw period must be equal to or greater than 12 months. | |
Loan Limit | $5,000-$150,000 | |
Choose your Option | Modify Existing HELOC |
Apply for a New HELOC | ||
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Best For | 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 | Your credit limit will be determined through the underwriting process. | |
Loan to Value Limit | Will need to be at 85% CLTV or lower to take advantage of the promotional rate. | |
Promotional Rate Term | Your term will begin with 12 months of the promotional rate. | |
Fee | No fee. | |
Credit Inquiry | Will require a new credit inquiry which may have an impact on your credit score. | |
Appraisal | May require an appraisal based upon your property attributes. | |
Time Frame | 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 |
N/A | |
Loan Limit |
$5,000 - $150,000 Promotional Rate or $5,000 – $250,000 Standard Rate | |
Choose your Option | Apply for a HELOC |