Home equity line of credit
A HELOC can let you borrow against your home while your current mortgage stays in place. Checking your offer won't affect your credit score.
How a HELOC can help
| HELOC | Cash-out refinance | |
|---|---|---|
| First mortgage | Can stay in place | Replaced by a new loan |
| Payments | Separate from your mortgage | One new mortgage payment |
| Often fits when | You want to keep your current mortgage | A new rate on the full balance makes sense |
A home equity line of credit lets you borrow against the equity in your home. Your home secures the line, which is different from a credit card or personal loan.
No. Checking your offer uses a soft credit pull that doesn't affect your credit score. If you continue and submit an application, a hard credit pull may follow and may affect your credit.
The amount funded at the start has a fixed rate. If you redraw later, that draw's rate is set at the time of the draw and may be higher.
Common uses include debt consolidation, home improvements, education, solar panels and ADUs.
Single family homes, condos and townhouses can qualify as a primary home, second home or investment property. Certain property types may not be eligible.
Your home is the collateral. If you can't repay what you borrow, you could lose your home, so we'll make sure the payment fits your budget first.
BMG Home Loans offers this HELOC through our lending partners. Your offer and loan documents will name your lender. I'm your loan officer and I'll guide you through every step.
Apply online, or book a time and I'll compare your options.
1 Approval may be granted in five minutes but is ultimately subject to verification of income and employment, and verification that your property is in at least average condition with a property condition report. Five business day funding assumes closing with a remote online notary. Funding may take longer in counties that do not permit recording of e-signatures, that require an in-person closing, or that require a waiting period before closing.
2 This is an open-end product where the full loan amount, minus the origination fee, is drawn at origination at a fixed rate. As you repay the balance, you may make additional draws during the draw period. The rate for an additional draw is set at the date of the draw, based on the Wall Street Journal Prime Rate plus a fixed margin, and may be higher than the initial rate.
3 We use a soft credit pull to check the rates and terms you qualify for. If you continue and submit an application, your full credit report will be requested, which is a hard credit pull and may affect your credit.
Averra Financial, Inc., NMLS #1121650. The application link opens a site operated by Aven Financial, Inc., NMLS #2042345; Aven accounts are made by Coastal Community Bank, Member FDIC, Equal Housing Lender, NMLS #462289. Your loan documents will name your lender. BMG Home Loans may receive compensation. The HELOC is secured by your home, whereas personal loans and credit cards are not. Subject to credit approval. Certain property types may not be eligible. Not available in all states. This is not an offer or commitment to lend.