Homepoint has rolled out its new home equity line of credit (HELOC) through its network of mortgage broker partners in 38 states and Washington, D.C.
According to its release, the HELOC product is a standalone line of credit with a fixed interest rate, “requiring minimal uploading of income and asset documents.” Eligible borrowers can access $20,000 to $400,000 of their home’s equity as a line of credit with either a 5-, 10-, 15- or 30-year term and 2- to 5-year draw terms. Homeowners can retain at least 15% equity in their home and the HELOC is available on single-unit owner-occupied properties, single-unit second homes, and investment properties.
Depending on a borrower’s credit attributes, Homepoint may be able to approve the loan on the same day of the application and provide financing within five business days of final approval.