Access up to $500K [1]
(or up to 95% [2] of your current home value) in as little as two weeks [3] — without selling, stressing, or refinancing.
What is a home equity consultation? You’ll connect with one of our experienced Loan Officers to discuss your goals and the best products or services to help you achieve them. You’ll also have the chance to find out how much equity you may be able to access with a home equity loan or HELOC through Hometap and ask any questions you have about the process.
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A home equity line of credit through Hometap lets you tap into the funding you need — whenever you need it [7] — to:
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Here at Hometap, we’re all about helping you get more out of homeownership, so you can get more out of life — no matter what that means to you.
We’ve been recognized by thousands of homeowners for our outstanding service, and we’re dedicated to helping you by providing transparent, clear, and personalized service.
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A home equity line of credit, called a HELOC for short, is a line of credit borrowed against the equity you have in your home that allows you to borrow, spend, and repay as you go.
Home financing is a personal decision, and the right solution depends on your financial situation and goals. HELOCs can provide more flexibility than other options in terms of how much and how often you can access your funds, but also have a variable interest rate that can change from month to month, which might not be the best fit if you’re looking for a predictable monthly payment.
You should have a minimum FICO score of 660 and a maximum debt-to-income ratio of 50% to qualify for a HELOC, but there are several other factors that are considered as well.[5]
A home equity line of credit (HELOC) is a revolving line of credit that is secured by the equity in your home. These work similarly to credit cards in the way that you can draw on this line of credit as needed[7] and only pay interest on the amount you borrow.[4] A home equity loan – also referred to as a second mortgage – is a fixed-term loan based on the equity in a borrower’s home. You apply for a set amount of money that you need and receive that money as a lump sum if approved. Home equity loans typically have a fixed interest rate and a set schedule of fixed payments for the life of the loan.
In addition to interest rates, you’ll be responsible for closing costs associated with your HELOC. However, these are dependent on the amount of funding you access through either option.[6]