A Home Equity Line of Credit (HELOC) is a revolving line secured by your home. You can draw funds during the draw period (up to 30 years) and then repay the outstanding balance over a repayment period (typically 10–20 years). You only pay interest on what you actually draw.
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NMLS #1168
- Home Equity Loans & Refinance – Cash Out
NMLS #1717824
- Largest non-bank HELOC lender in the US
NMLS #3030
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FICO 620+
NMLS #167283
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FICO 680+
NMLS #2042345
- Lowest Rate HELOC, Guaranteed
NMLS #2443873
- Rates as low as 6.52% APR¹
Upstart Disclaimer - terms shown here are subject to change without notice. APRs for inital advances range from 6.52% to 18% based on rates offered. All mortgage lending conducted by Upstart Mortgage, LLC. NMLS #2443873. Equal Housing Opportunity.
FICO 640+
NMLS #210853
- Home Equity Loans & Cash Out Refinance
NMLS #6606
- Access Your Home's Equity Today
20 Years Mortgage Experience
NMLS #1168
- Home Equity Loans & Refinance – Cash Out
Looking to refinance your mortgage?
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NMLS #3030
- Find hidden equity in your home
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Frequently Asked Questions(FAQ)
What is a HELOC and how does it work?
How is a HELOC different from a Home Equity Loan?
A HELOC is revolving with a variable APR; you can borrow, repay, and re-borrow during the draw period. A Home Equity Loan is a fixed, lump-sum installment loan with a fixed rate and fixed monthly payment.
How much can I borrow?
Your limit is based on your home’s value, your current mortgage balance, credit profile, income, and program rules. We typically allow up to 90% combined loan-to-value (CLTV), subject to underwriting and state limits.
What rate will I get? Are HELOC rates fixed or variable?
HELOC APRs are variable and usually tied to an index (e.g., Prime) plus a margin. Our representative range starts at 5.00% and up, and your final APR depends on credit, CLTV, state, property type, and discounts (e.g., autopay).
How do monthly payments work?
During the draw period, payments are often interest-only on your outstanding balance. In repayment, the balance is fully amortized over your remaining term (e.g., 10–20 years), so the monthly payment generally increases versus the draw period.
What fees should I expect?
Fees vary by program and state. They may include an annual fee, origination/underwriting, appraisal, title/recording, and an early-closure fee if the line is closed soon after opening. You’ll receive a detailed, state-specific fee schedule with your disclosures.
What are the basic eligibility requirements?
Typical guidelines include minimum 620 FICO, maximum CLTV up to 90%, verifiable income, acceptable debt-to-income ratio, and eligible property type (primary residence, second home, or investment property, program-dependent).
Where is this HELOC available?
We currently serve all U.S. states except New York and Hawaii. Availability, terms, and limits may change and can vary by state.
How does a HELOC affect my credit, and what if I miss payments?
Applying may involve a hard credit inquiry, which can affect your score. Your HELOC usage and payment history are typically reported to credit bureaus. Because a HELOC is secured by your home, late or missed payments can lead to fees, negative credit reporting, and in severe cases foreclosure. Borrow responsibly.
Can I pay off my HELOC early? Are there prepayment penalties?
Prepayment penalties are usually none on our programs; you can make extra payments or pay off the balance early. Some fees (e.g., early-closure or reconveyance) may apply per program/state—see your disclosures.
Key Facts - HELOC (Home Equity Line of Credit)
Representative APR
5.00% and up (variable APR). Your APR is variable and typically based on an index (e.g., Prime) plus a margin. Your rate may change when the index changes. Final APR depends on your credit profile, CLTV, state, and property type.
Example payments (for illustration only)
Borrow $50,000 at 8.00% APR
• Draw period (interest-only): ≈ $333/mo
• Repayment (10 years, fully amortized): ≈ $607/mo
Examples are estimates for education only; actual payments vary with rate changes, draw amount, and your approved terms. Not a commitment to lend.
Fees
• Fees vary by program and state; they may include annual fee, origination/underwriting, appraisal, recording/title, and early-closure fees.
• An early-closure fee may apply if the line is closed shortly after opening (details provided in your disclosures).
• A complete, state-specific fee schedule is provided with your loan disclosures.
Eligibility
• Maximum CLTV up to 90% (varies by state and profile)
• Minimum credit score typically 620+
• Eligible properties: primary residence, second home, investment (program-dependent)
• Available in: All U.S. states except New York and Hawaii
What happens if you miss payments?
A HELOC is secured by your home. Late or missed payments may result in fees, increased interest, negative credit reporting, and in severe cases foreclosure. Borrow responsibly.
Who we are
Best Online Mortgage operates a mortgage company (lender).
NMLS ID: 2084132.
Contact: info@bestonlinemortgages.com ·
Privacy: https://bestonlinemortgages.com/privacy-policy.html
Rate assumptions:
Assumes an owner-occupied, single-family property with a strong credit profile and reasonable CLTV; autopay/discounts may apply. All offers subject to credit approval and change without notice.
How to get the payment examples:
• Interest-only during draw: Monthly payment ≈ (APR ÷ 12) × balance (e.g., 8.00% → 0.08/12 × 50,000 ≈ $333).
• Fully amortized after draw: Use the standard loan formula with APR/12 as the monthly rate and the chosen repayment term (e.g., 120 months for 10 years) to calculate the monthly payment (≈ $607 at 8.00% APR for $50,000 over 10 years).
Terms shown here are subject to changeUpstart Disclosure