If you want to tap into your home equity for flexible financing, you can apply for a home equity loan (HELOAN) or a home equity line of credit (HELOC).
What is a HELOC?
As the name implies, a home equity line of credit gives you access to your funds via a line of credit, much like a credit card.
Credit card limits are typically pretty low, however. With a HELOC, you can have a significantly higher limit. Interest rates may rise and fall.
- Borrow as much or as little as you need up to your limit with a HELOC.
- Like a regular line of credit, the funds available refill once you pay down the balance.
What is a HELOAN?
This product, like a HELOC, allows you to borrow against your home equity. The difference is that instead of a line of credit, your funds are disbursed in a lump sum. The interest rate is typically fixed.
- Receive a larger amount of money all at once, ideal for big home repairs or other hefty expenses.
Not sure whether to apply for a HELOC or HELOAN? Tell us your scenario during your consultation, and we can offer personalized recommendations.
Our HELOC and HELOAN Features and Qualification
We offer a standalone mortgage that allows you to keep your current primary mortgage uninterrupted while still taking equity out of your home with the second one.
- 680+ credit you can go to 85%
- As low as 620 credit
And our HELOC/HELOAN is a hybrid, where they get the “Line of Credit”, which is a benefit of a HELOC, where they can draw against the limit, pay it off and do it over and over again.
But they also get the benefit of a fixed-rate, which a HELOAN provides.. instead of an Adjustable Rate, like most HELOC’s.
Best of both worlds.
The normal HELOC is a full Underwrite process, just like when you purchased your home. Paystubs, W2’s, Tax Returns, Bank Statements, updating Insurance, new Title work, etc. – Underwriting asks for everything.
Our HELOC is a stress-free process where the full Underwrite process is automated and completed within 24 business hours. Then we schedule a mobile notary to bring your closing documents to you to sign and the funds are in your account days later.
If the amount is over $250,000, then the combined mortgages cannot be more than 90% of the home’s value, but you can get just an exterior appraisal, which is simpler.
Apply Now for a HELOC or HELOAN in Kansas City, MO or Beyond
To find out current interest rates or to apply now for the flexible financing you need, please give us a call today at (816) 631-9687 to schedule your consultation. We can help you apply quickly and easily for a HELOC or HELOAN in Kansas City or anywhere in Missouri. We look forward to working with you.