What if my credit is below 620?
An HEI may be worth reviewing. The program I review can consider scores as low as 500, with tighter equity limits at lower scores. Credit alone doesn’t establish eligibility: state, property value, existing liens, credit history and other requirements still apply.
Can I keep my current mortgage?
Potentially. Either option may sit behind an existing mortgage if the property’s equity and liens allow it. Some situations require paying off an existing lien. We’ll compare the actual proposal.
Can I use equity in a rental property?
Certain non-owner-occupied properties may be reviewed, with different credit, equity and ownership requirements from a primary home. I’ll review the equity options and their requirements with you. This page serves properties in California, Florida, Tennessee and Washington.
Is this HELOC interest-only?
No. The program described here requires a full initial draw and principal-and-interest payments from the start. It is not an unused standby line at origination. Additional draws have their own terms and are subject to the agreement.
When do I have to settle an HEI?
Your written agreement sets the maturity and any earlier triggering events, such as selling the property. We’ll review the proposed term and permitted payoff options together. Don’t assume every HEI has the same term.
Can I settle early or refinance later?
The HEI program described allows early settlement without a prepayment penalty, but the contractual repurchase amount and applicable costs still apply. A future refinance is not guaranteed; it requires its own qualification. We’ll review the written terms before you choose.
Does this first step affect my credit?
No. This website inquiry does not run credit or submit a provider application. If you choose to pursue the HEI, signing its later application documents triggers a hard credit inquiry, which can affect your score. I’ll explain that step before you proceed.
Which option costs less?
That depends on the actual terms, the amount you receive, how long you keep it, and—for an HEI—the home’s value at settlement. We’ll compare fees, monthly obligations and potential exit amounts. A lower monthly payment is not necessarily a lower total cost.
Can I use equity for repairs or improvements?
Tell me what you plan to do and whether work has started. The property’s condition and project timing affect which options are available. The HEI option generally requires a habitable home without active major construction; certain essential repairs may qualify for a limited repair holdback. We’ll review the project before you apply.
Will I receive the full approved amount as cash?
Not necessarily. Fees, required debt or lien payoffs, and any approved repair holdback can reduce the cash available to you. We’ll compare the amount you receive with the total loan or investment amount before you choose.
What will I need if I decide to apply?
No documents are needed for this first inquiry. If you proceed, I’ll give you a checklist for your situation, which can include identification, mortgage statements and insurance information. The property may also need a valuation, photos or an inspection.