Homepoint Announces New Product Home Equity Line of Credit (HELOC) through its network of mortgage broker partners in 38 states and Washington, DC
According to the release, the HELOC product is a fixed-rate stand-alone line of credit that “requires minimal uploads of income and asset documentation.” Eligible borrowers can earn from $20,000 to $400,000 for a term of either 5, 10, 15, or 30 years and with withdrawal terms from 2 years to 5 years. You can access it. Homeowners can own at least a 15% stake in their home, and HELOCs are available for single-family owner-residence properties, single-family Second His Houses, and investment properties.
Depending on the creditworthiness of the borrower, Homepoint may be able to approve loans on the same day of application and provide financing within 5 business days of final approval.