Frequently Asked Questions

Is a HELOC better than a Cash-Out Refinance?

If your current mortgage rate is lower than today’s market rates, a HELOC is almost always better. A cash-out refinance replaces your entire loan with a new, higher rate. A HELOC only applies the new rate to the amount you choose to borrow.

What is the difference between a Home Equity Loan and a HELOC?

A Home Equity Loan is a "lump sum" with a fixed rate and fixed payment. A HELOC is a "line of credit" with a variable rate, giving you the flexibility to borrow multiple times.

Are there any closing costs?

Closing costs for HELOCs are typically much lower than standard mortgages. In many cases, we can use an AVM (Automated Valuation Model) instead of a full appraisal, saving you time and money.

Does a HELOC affect my credit score?

Like any credit account, it will appear on your report. However, if used responsibly to consolidate high-interest debt, it can actually improve your credit score by lowering your overall credit utilization.