Our Home Equity Line of Credit (HELOC) and HELOC Equity Mover products are revolutionary in the mortgage space, especially in terms of speed. Below are some tips and answers to FAQs to ensure a fast, easy, and stress-free loan approval process!

About the HELOC and HELOC Equity Mover

 

 

What is the Homebridge HELOC?

The Homebridge HELOC (Home Equity Line of Credit) allows you to convert the equity in your home into cash to utilize how you see fit. Discover the hidden cash in your home!

How can you use the money from a HELOC?

You can use the money to:

  • Pay for home improvements like an upgraded kitchen
  • Consolidate your high-interest credit card debts8
  • Cover major medical expenses
  • Purchase a second home or investment property
  • Pay for a child’s tuition
  • Take a luxury vacation
  • And more!

What are the key highlights of the HELOC?

  • Borrow up to $400,0007
  • 100% Draw at Closing
  • One-Time Origination Fee of 0%, 3%, or 4.99%4
  • Term of Either 5, 10, 15, or 30 Years
  • Draw Amounts in $500 Increments
  • Borrower Portal Site

 

What is the HELOC Equity Mover?

The HELOC (Home Equity Line of Credit) Equity Mover is a bridge loan that allows you to take out a loan against your current home to make the down payment on a new property. It is short-term funding backed by the value of your current home.

Who should use the HELOC Equity Mover?

This product is perfect for you if you:

  • Have at least 20% equity in your current home
  • Want to move quickly without needing to sell your current home
  • Desire to upgrade to your dream home or dream location
  • Want to use the equity in your current home for a down payment on a new home
  • Want the POWER TO CHOOSE!

What are the highlights of the HELOC Equity Mover?

Some key highlights include:

  • Borrow Up to $400,0007
  • One-Time Origination Fee of 3%5 or the Max State Allowed Origination Fee, Whichever is Less
  • Draw amounts in $500 Increments
  • Borrower Portal Site

 

Before you Apply

• Copy of your valid state-issued ID

• Potentially proof of homeowners insurance

• IRS.gov or ID.me accounts for identity verification

• User IDs for bank accounts

• Certificates of Trust, if applicable

• You must enter your information into the application 100% accurately, or you will receive a denial. Please check for the accuracy of all information before submitting your application.

• You only have one try on the application, so please take your time and ensure everything is correct. Call me if you have any questions before submitting – I’m here to help!

• You must use your full legal name for the application.

• Please do not manually enter property liens separately. This creates duplicate entries, and you could be denied due to inflated ratios.

• It is required that you answer the question “Is this property for financing listed for sale?” as YES if you intend to sell the property within the next six months.

• Please have your User ID and password ready from your bank accounts.

• Register with IRS.gov or ID.me for ID and tax purposes. It does take a little time to register for these sites, and you will need a photo of your ID and be in front of a camera (phone or webcam) to set it up.

• Have your payroll provider username and password if your company uses ADP or similar.

• Homebridge offers loans on single-family residences, townhouses, planned urban developments (PUDs), and most condos. The following properties are not eligible: co-ops, commercially zoned real estate, multifamily (2+) real estate, manufactured housing, earth or dome homes, timeshares, log homes, houseboats, or mixed-use properties.

• The property may be the applicant’s primary or secondary residence.

Homebridge lends to individuals whose subject properties are held solely or jointly with others or revocable trusts. In order to obtain a loan from Homebridge, your name must appear in the county records as the owner of the property.

The property may be the applicant’s primary or secondary residence. The minimum required credit score is 680 for investment properties.

Most applicants can complete the application in 5 minutes and receive a decision immediately.

Application

We analyze inflow in your connected accounts to verify your stated income. We can perform this analysis through connected bank accounts, qualified asset accounts, tax returns and/or paystubs. All sources must be connected during the application process.

Homebridge only allows one owner to apply and sign for the loan; however, additional owners on the title will be required to sign the mortgage document.

Most applicants can complete the application in 5 minutes. Once the full loan process is complete, the loan is typically funded within five days.3

Identity and income verification must be completed within 14 days. After a credit report is pulled, your expiration date will be extended by 29 days.

Our eNotary will connect with you via an audio-enabled video session. The eNotary will confirm your identity via the ID you provided during the application process and ask you a set of knowledge-based authentication questions. Once you have authenticated, you will be able to review your mortgage document and electronically sign the document during the session. Once you sign, the eNotary will electronically notarize your document. Some counties do not allow eNotary. In these counties, we will schedule a mobile notary to meet the borrower at a location of their choosing to sign in-person.

Our eNotaries are available Monday-Saturday from 6 am – 6 pm Pacific Time. You can resume your session during business hours if you apply after hours.

Rate and Costs

Homebridge offers fixed-rate loans. In other words, the rate that applies to each draw is fixed at the time of the draw and won’t change over time.

Your rate cannot be determined until the time of application. Interest rates for both the HELOC1 and the HELOC Equity Mover2 are determined by loan components through artificial intelligence. They will vary based on your credit score and the Loan-To-Value6.

Homebridge offers 5, 10, 15, and 30 years loan terms.

The only closing fee is the origination fee. On the regular HELOC, you may choose an origination fee of either 0%, 3%, or 4.99%4 (can never exceed the state-regulated maximum) based on the loan components and borrower eligibility. On the HELOC Equity Mover, the closing costs will be the lower of 3%5 origination fee or the state-regulated maximum. Applicants will see the origination fee offerings when selecting a loan term in the application process. There are no early termination fees or prepayment penalties. The borrower is also responsible for any reconveyance/recorfding fees with the county. These are paid for by the Homebridge upfront but will be recovered during payoff. The fees will be listed as an item on the payoff itself.

There will be a soft pull credit check when you apply and check the rate. This pull does not affect your credit score. If you choose to move forward and submit an application, a hard pull credit report will be generated.

You will receive 100% of the HELOC amount on the regular HELOC. On the Equity Mover, you will receive 80% at closing and can start to draw additional funds one week after closing. Additional draws are based on the original credit limit approved (loan amount + origination fee).

As you begin to pay down your loan, you will be able to redraw up to 100% of your credit limit. Additional draws must be at least $500, and the total outstanding balance cannot exceed 100% of the credit limit. The APR is based on the prime index at the time of the redraw and the fixed margin rate outlined in their HELOC agreement. Credit will not be pulled again with requested withdrawals.

Most funding happens within about five business days3, which includes a 3-day rescission period. The rescission period lasts for three consecutive business days (all calendar days except Sundays and Federal holidays).

Yes, you may pay back your loan at any time. There are no prepayment fees.

Depending on your loan term, additional draws will be available for 2-5 years from your origination date.

Homebridge HELOC and HELOC Equity Mover are available in  AK, AL, AR, AZ, CA, CO, CT, DC, FL ,GA, IA, ID, IL, IN, KS, LA, MA, ME, MI, MN, MO, MT, NC, ND, NJ, NM, NV, OH, OK, OR, PA, TN, VA, VT, WA, & WI with more states to come.

Homebridge HELOC and HELOC Equity Mover are open-end products where the following loan amounts will be drawn at the time of origination: for standalone HELOC, 100% will be drawn (minus the origination fee) and for HELOC Equity Mover, 80% will be drawn (minus the origination fee).  The initial amount funded at origination will be based on a fixed rate; however, these products contain 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.

1For our standalone HELOC product, our APRs start at 3.75% for the most qualified applicants (with autopay) and are higher for other applicants. For example, for a borrower with a CLTV of 40% and a credit score of 800 who is eligible for and chooses to pay a 4.99% origination fee in exchange for a reduced APR, a five-year Homebridge HELOC with an initial draw amount of $50,000 would have a fixed annual percentage rate (APR) of 3.75%. Your total loan amount would be $52,495. Alternatively, a borrower with the same credit profile who pays a 3% origination fee would have an APR of 4.75% and a total loan amount of $51,500. The advertised rate is available only to borrowers using primary residences as collateral. Your actual rate will depend on many factors such as your credit, combined loan to value ratio, loan term and occupancy status. The advertised APR includes an autopay discount of 0.25%. APRs start at 4.00% for customers that do not opt in to autopay.

2For our HELOC Equity Mover product, our APRs start at 4.75% for the most qualified applicants (with autopay) and are higher for other applicants. For example, for a borrower with a CLTV of 40% and a credit score of 800 who is eligible for and pays a 3.00% origination fee in exchange for a reduced APR, a five-year Homebridge HELOC Equity Mover with an initial draw amount of $50,000 would have a fixed annual percentage rate (APR) of 4.75%. Your total loan amount would be $51,500. The advertised rate is available only to borrowers using primary residences as collateral. Your actual rate will depend on many factors such as your credit, combined loan to value ratio, loan term and occupancy status. The advertised APR includes an autopay discount of 0.25%. APRs start at 5.00% for customers that do not opt into autopay. Payment of origination fees in exchange for a reduced APR is not available in all states. APRs for home equity lines of credit do not include costs other than interest. Property insurance is required as a condition of the loan and flood insurance may be required if your property is located in a flood zone.

3Five business day funding timeline assumes closing the loan with our remote online notary. Funding timelines may take 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. Approval is contingent upon a full application and is not guaranteed. We will not extend credit if we cannot verify that your credit profile, debt, income, identity, property value, home equity, and title meet our underwriting criteria.

4For our standalone HELOC product, there is a one-time origination fee of up to 4.99% of your initial draw depending on the state in which your property is located. You may also be responsible for paying recording fees, which vary by county.

5For our HELOC Equity Mover product, there is a one-time origination fee of up to 3% of your initial draw. You may also be responsible for paying recording fees, which vary by county.”

6To 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 continue and 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.

7Homebridge HELOC and HELOC Equity Mover are offered up to a loan amount of $400,000, but your maximum loan amount may be lower than $400,000. Your loan amount will ultimately depend on your home value and equity at the time of application. We determine home value and resulting equity through independent data sources and automated valuation models.

8By consolidating your credit card debt into your mortgage, your unsecured debt becomes secured debt.  Please consult a professional credit / debt counselor for further information.