Newrez
HELOC

Turn the equity you've built into cash.

Borrow what you need, on your timeline, without impacting your current mortgage rate.1

Get My HELOC

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
Get My HELOCCreate a Budget

Which Option is Right for Me?

Learn how you can make the most of the equity you have been building.

How does a HELOC Work?

A HELOC is a revolving line of credit secured by your home equity and has two phases. During the draw period, withdraw funds up to your approved limit. During the repayment period, pay back the loan.

Why a HELOC?

A HELOC offers more flexibility, as you can withdraw cash as needed to spend on expected and unexpected expenses. Plus save money on monthly principal and interest payments since you only need to pay interest on what you borrow during the draw period.

More on HELOCs →

How does a Home Equity Loan Work?

With a home equity loan3, tap into your equity for cash while keeping your current loan untouched. Loan funds are dispersed in one lump-sum payment and you repay the loan over a fixed amount of time.

Why a Home Equity Loan?

Access funds all at once to spend as you see fit with a fixed repayment plan. Your monthly payment amount will be the same each month, and includes principal and interest. 

More on Home Equity Loans→

How does a Cash-Out Refinance Work?

A cash-out refinance4 replaces your current mortgage with a new, larger loan at the current market interest rate. Receive the difference between the new mortgage amount and existing balance as a lump sum. 

Why a Cash-Out Refinance?

Since a cash-out refinance replaces your previous mortgage, you only have to worry about making one monthly payment. Once loan funds are dispersed, start spending to achieve your goals.

More on Cash-Out Refi →

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

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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.

More About Home Equity Lines of Credit

Browse our complete library of resources

How Does a HELOC Work?

A HELOC is a revolving line of credit secured by your home’s equity.

Home Equity Line of Credit (HELOC) Tips and Tricks

A home equity line of credit allows homeowners to leverage the equity they have in their home. Taking out a HELOC is a way...

HELOC, HELOAN or Cash-Out Refinance: Ways to Unlock Home Equity

Newrez provides several ways for you to get cash from the equity built up in your home.

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.

Disclosures

1 Our Home Equity Line of Credit is available for owner-occupied homes. At closing, we’ll draw 75% of your approved credit limit, minus any origination fees. Additional draws can be requested 90 days after closing during the first three years, up to your available limit. Rates will vary based on factors like your credit score and your total loan-to-value ratio. Loan amounts range from $50,000 to $350,000. To determine your home’s value, we may use independent data sources or automated valuation models, and in some cases, an appraisal may be required. This product is only available for eligible borrowers, certain property types, and in select states. Pre-approval is based on the information you provide and is subject to verification and full underwriting review. Not all applicants will qualify.

2 A pre-approval represents that the borrower is eligible for up to a specified amount based on our review of documents including credit, income, and assets. The property, appraisal, and any remaining conditions still need to be verified.

3 The Newrez Home Equity Loan program allows you to keep your current mortgage rate unchanged while taking out a second mortgage at current market rates. The minimum credit score for this program is 660, and it is only available on properties with one existing mortgage lien. Loan amounts must meet program minimums and maximums, and loans are subject to maximum loan-to-value limits as well as other underwriting rules. Geographic restrictions apply.

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.