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Best HELOC services

HELOC systems can benefit your business in many ways, with a number of important features and functions. With COVID-19 constantly changing the rules of the game, the features offered by the latest HELOC systems can keep you ahead of the competition, so look out for special New Year deals and make sure your business is ready for whatever HELOC has in store.

Last Updated August 2022

Figure banner
  • APR - 3.99% - 11.5% (with membership and AutoPay discount)
  • Loan Amount - Between $15,000 and $400,000
  • Terms - 5, 10, 15, 20, and 30 years
  • Approval Time - 5 minutes

Figure is headquartered in San Francisco, California, and New York. This financial technology company is partnered with Homebridge to offer home loans, refinancing, and home equity lines of credit.

The company has an easy online loan application process. Clients can conduct free self-checks and get personalized rates and approval responses within minutes. An eNotary electronically reviews the client’s identity, mortgage documents, and applications. Figure has a short loan funding time of as low as five days.

The company’s HELOC loan amounts range between $15,000 and $400,000 and have fixed interest rates ranging from 4.74% to 12.25%.

All Credit Union members who enroll in AutoPay are guaranteed a combined APR discount of 0.75%. This means the clients can access lower rates ranging from 3.99 to 11.5%. Figure has a flexible loan term of five, ten, fifteen, and thirty years.

Figure charges a one-time origination fee of 4.99% of the initial draw. Additionally, the company does not charge any prepayment penalties or maintenance fees. The origination fee varies depending on the client’s credit experience and property location.

The following are eligible for Figure HELOC:

· Townhouses

· Single-family residents

· Condos

· Planned urban developments

· Secondary properties including investments.

· Vacation homes

Pros

Cons

Figure logo
Discover banner
  • APR - 5.99%-12.99%
  • Loan amounts - Between $35,000 and $300,000
  • Terms - 10 to 30 years
  • Approval time - One to two weeks

Discover is among the top home equity loan lending companies and is well known for charging lower fees than its market competitors. This online bank does not charge origination, application, or appraisal fees. Discover does not charge an upfront cash fee at closing.

Discover home equity loans have fixed interest rates that range from 5.99% to 9.99% for first lenders and 6.99% to 12.99 % for second liens. The company offers loan limits that range between $35,000 and 300,000 and allows borrowers to repay their loans in terms ranging from ten to thirty years.

Discover allows clients to conduct an online self-check to know if they are eligible for the home equity loan before making a formal loan application. Clients who stand a higher chance of getting their loan applications considered are those with a credit score of not less than 620 and an excellent equity in their homes, usually ranging from 10% to 20%.

The amount of loans you can borrow from Discover depends on clients. Creditworthiness. Borrowers with a credit score exceeding 700 are eligible for loans over $150,000 with a guarantee of lower rates.

The company assigns bankers to any client with a successful loan application to help them guide through the process. Discover allows clients to review, sign, and submit closing documents online using its eClosing features.

Pros

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Discover logo
Unison banner
  • APR - 5.99%-12.99%
  • Loan amounts - Between $35,000 and $300,000
  • Terms - 10 to 30 years
  • Approval time - One to two weeks

Unison was started in 2006 and is available in Washington D.C. and twenty-eight states. The company provides homeowners loans in exchange for portions of their homes. Unison is among the top companies offering home equity sharing agreements in the market.

Unison can be viewed as an investment company. It purchases up to 17.5 % of clients and pays them a similar amount in cash. The company then retains some percentage of the sold property's value. This means that whenever your house loses value, so does Unison.

Clients can either sell their property or buy them out to settle the agreement. Clients who choose to sell their properties must give a portion of the money to Unison before the expiry of the thirty-year term. Consequently, the company allows clients to refinance. Homeowners often prefer equity sharing to cover home repairs and other expenses or to pay off high-interest debts.

The amount of money clients receive depends on their mortgage balance, the house's value, and financial factors like their income and credit scores. Unison thoroughly evaluates homeowners before investing.

Pros

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Unison logo
Truist banner
  • APR - 6.30%-16% (or state maximum)
  • Loan - Amounts From $5,000
  • Terms - 5, 10, 15, 20, and 30 years
  • Approval Time - Within one business day

Truist home equity lines of credit can be repaid in either fixed, variable, or interest-only rates and does not charge closing costs. The company’s variable rates change from state to state but have an average range between 6.30% and 12.74% APR. The minimum HELOC amount customers can borrow from Truist is $5,000. However, the maxim amount of loan granted depends on the creditworthiness and available equity.

Truit’s fixed HELOC rates repayment terms range from five, ten, fifteen, and twenty years. The variable-rate credit lines have a repayment period of twenty years and a draw period of ten years.

The company covers closing costs for lines to a maximum amount of 4500,000. Consequently, this may cause higher interest rates. Closing an account within three years of opening might also attract prepayment penalties which demand clients to pay back the closing and origination costs covered by the company.

Truit’s eligibility check considers the client’s

· Income

· Credit score

· Employment

· Debt-to-income and loan-to-value ratios

Pros

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Truist logo
U.S. Bank banner
  • APR - From 6.10% (HELOANS) 5.70% - 10.10% (HELOC)
  • Loan amounts - $15,000-$750,000
  • Terms - 10 to 30 years
  • Approval time - Not disclosed

U.S. Bank offers HELOC and home equity loans and does not charge closing costs. The company’s home equity loan rates start as low as 6.10% APR with a ten and fifteen-year repayment period. The HELOC variable rates range from 5.70% APR to 10.10% APR and vary depending on Prime Rate.

U.S. Bank home equity loans have fixed rates and repayment terms of up to thirty years. The Bank gives loans ranging between $15,000 and $750,000 or higher. The company’s HELOC product has variable rates. However, HELOC allows clients to convert portions of their balance amounts to a fixed rate during the first ten-year period.

U.S. Bank charges a $90 annual fee for its line of credit, which can be waived within the first twelve months when clients open a Platinum checking account. Clients can borrow from their line of credit using checks, Visa Access Card, ATMs, or visiting a local branch.

To set up an automatic payment or get the best APR rates, clients must have a U.S. Bank checking/saving account and a credit score of 730.

Pros

Cons

U.S. Bank logo
Citizens Bank banner
  • APR - 5.00% to 21%
  • Loan Amounts - $10,000 to $200,000 and above
  • Terms - 10 to 15 years
  • Approval time - Not disclosed

Citizen Bank offers a complete customer experience and has earned many good customer reviews, including a high ranking from consumer research companies. The Bank has two main HELOC offerings: their GoalBuider HELOC and a standard home equity line of credit.

The two Citizen Bank products have a fifteen-year repayment term and a ten-year borrowing period. Borrowers who enroll in the Bank's automatic monthly payment plan are guaranteed a rate discount of 0.25%.

However, the two HELOC products differ in the minimum and the maximum amount you can borrow. The Citizens GoalBuilder HELOC has credit limits ranging from $5,000 to $25,000, while the Standard HELOC has a minimum borrowing amount of $17,500. Clients in the standard HELOC pay an annual fee of $50 after the first year, while those with a GoalBuilder HELOC are not charged yearly fees.

In addition to its competitive HELOC product offerings, Citizen Bank is also known for its outstanding customer experience. On the contrary, the Bank does not openly display its credit requirements for its home equity products. They have a product approval policy based on LTV, DTI, and credit score ratios.

Eligible properties include:

· Investment Properties

· Owner-occupied properties/condominiums.

· Co-ops

· Mobile homes

· Manufactured homes

Pros

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Citizens Bank logo
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