Home Equity Line of Credit (HELOC)
Turn the equity you've built into cash.
Borrow what you need, on your timeline, without impacting your current mortgage rate.1
Finance Your Future With a HELOC
Unlock Your Cash
Turn the home equity you have built into a revolving credit line between $50,000 to $350,000.
Borrow as You Go
Get 75% of your approved limit at closing with the flexibility to take out more money during the draw period.
Online Process
Quickly get pre-approved2 and complete your application using our seamless online process.
What is a HELOC?
It is a revolving line of credit, and like a credit card, you may borrow cash as needed up to your approved limit during the draw period.
Withdraw funds as you go to spend on anything, big or small:
- Consolidate high-interest debt
- Invest in home renovations
- Fund medical expenses
- Cover education costs
Which Option is Right for Me?
Learn how you can make the most of the equity you have been building.
Loan Comparison
|
Home Equity Line of Credit |
Home Equity Loan |
Cash-Out Refinance | |
| How will I get my cash? | Receive 75% of your line at closing with flexibility to repay and withdraw funds during the draw period, up to your full line amount | Lump sum received at closing | Lump sum received at closing |
| Interest rate & monthly payment | Variable, flexible, pay only interest for the first 3 years | Fixed principal and interest | Fixed principal and interest |
| Get cash in as little as 3 weeks5 | Yes | Yes | Yes |
The Newrez Loan Process
Crunch the Numbers
Enter your income and other monthly expenses to create a personalized budget.
Submit an Application
Review your finances, gather required documents, and complete your online application.
Access Your Credit
Upon loan closing, start taking out funds up to the approved credit limit and spend them your way.
Frequently Asked Questions
A HELOC, or home equity line of credit, is an open-ended line of credit that is secured by your home. Draw 75% of your approved full credit limit at of closing, with the flexibility to make additional draws within the draw period. For an overview on HELOCs and how they work, read this article.
A HELOC has two phases, the draw period and the repayment period. During the draw period, borrow money from the account up to your approved limit. At this time, only pay back what you owe. Once the repayment period begins, you are no longer able to withdraw funds and must pay off what is borrowed. During the repayment period, you will make both principal and interest payments. For more information on the payment structure, read this article.
A HELOC is a revolving line of credit that allows you to withdraw funds as needed up to your approved limit. A home equity loan is similar to a traditional loan in that borrowers receive loan funds as a one-time pay out. For a in-depth comparison, check out this article.
Both are revolving lines of credit, however, a credit card is unsecured and a HELOC is secured by your home. For a side-by-side look, read this article.
Yes, Newrez HELOCs can be refinanced. To qualify, you will need to meet lender requirements.
Disclosures
1 This HELOC is an open-end line of credit, available on owner occupied properties, where 75% of the approved full credit limit (minus the origination fees) will be drawn at the time of closing. Additional draws may be available after a 90-day period within the first 3 years not to exceed the available credit limit. Actual rates available to you may vary based on several factors including your credit score and combined loan-to-value. Loan amounts range from $50,000 to $350,000. We may determine home value and resulting equity through independent data sources and automated valuation models. An appraisal may also be required. Only available for eligible borrowers and property types. Not all applicants will be approved, pre-approval is based on data you have provided and certain assumptions that must be verified and subject to underwriting approval. Not available in all states or territories. Contact Newrez for more information.
2 A pre-approval does not signify that all underwriting requirements have been met. Actual terms, including interest rate, are subject to change without prior notice and may vary based on eligibility criteria. All products are subject to credit and property approval. Not all products are available in all states or for all dollar amounts. Please contact Newrez for additional details.
3 The rate on your existing mortgage will not change. The Newrez Home Equity Loan program requires borrower to obtain a second mortgage at current market rates. Loan amount based on underwriting guidelines. Minimum 660 credit score. Minimum and maximum loan amounts apply. Program financing only available on properties with one existing mortgage lien and subject to maximum loan-to-value ratio. Not available in all states or territories. Other terms and restrictions apply. Please contact us for more information.
4 By refinancing an existing loan, the total finance charges may be higher over the life of the loan.
5 Processing and closing times vary depending on the nature and complexity of the transaction.