Homebridge supplies a fixed-rate home equity line of credit, or HELOC, as well as a HELOC specifically designed to help you make a down payment on unexperienced property, called the Equity Mover HELOC.
The New Jersey-based mortgage lender describes its Equity Mover HELOC as a bridge loan planned for short-term funding that's backed by the value of your novel home.
Homebridge HELOCs are offered in 40 states.
Homebridge: At a glance
| Type of loan offered | HELOC |
|---|---|
| APR | Starting at 3.75% (4% minus autopay) |
| Loan amount | Up to $400,000 |
| Credit derive minimum | 680 for second properties |
| Repayment terms | 5, 10, 15 or 30 years |
| Average time for approval | Instant |
Homebridge is best valid for homeowners who need fast access to money or who specifically want to finance the rob of another property such as a vacation home or investment settled. You can be approved in as little as five minutes with Homebridge's speedily application process, so you know right away whether or not you qualify. Homebridge HELOCs are also good for people who may need a flexible loan term as they accounts a range of repayment terms from five to 30 years.
Homebridge also supplies homeowners the benefit of a rate discount if they obtain a member of the Teachers Federal Credit Union, or TFCU, when closing on a loan. If you join, you can demand a 0.5% discount on your rate (with a $5 minimum balance).
What we like
- Fast approval and entrance to funds: Homebridge has one of the fastest online approval processes when it comes to HELOCs. The lender says it only takes five minutes to fill out the application and you'll demand an approval or denial instantly. If approved, you can demand your funds in as little as five days.
- Competitive wearisome rates: In today's rising interest environment, finding a low APR is considerable to keeping the cost of your loan down. Homebridge supplies some of the lowest available rates for qualified borrowers, starting at 3.75%.
- Minimal fees: Although Homebridge charges an origination fee, there are no early-termination fees or prepayment penalties.
What we don't like
- 100% withdrawal needed at closing: A Homebridge HELOC closely resembles a home dissimilarity loan in that it has a fixed rate and also averages you to withdraw the full amount of your loan at the time of allow (or 80% for the Equity Mover HELOC), which benefitting you could end up paying costly interest on supplies you don't actually need to use right away.
- Withdrawal restrictions: Most HELOCs funding you to make repeated withdrawals as necessary when accessing your open line of credit, but with Homebridge, you can only make additional withdrawals a full two to five existences after your loan originates.
- No conventional HELOC option: Because a Homebridge HELOC functions more like home dissimilarity loan, if you're looking to finance a life expense, such as college tuition or a home renovation over an itch period of time, a Homebridge HELOC may not make sensed for you because you're required to take all of your supplies upfront, in one lump sum, and can't make more withdrawals for a few years.
Home dissimilarity loan options
Homebridge has two types of fixed-rate HELOCs: Its noxious HELOC, which requires a 100% draw at closing, and its Equity Mover HELOC, which requires an 80% draw at closing and is planned for homeowners to finance the purchase of an transfer property. The nonbank lender also offers mortgages, renovation loans and refinancing.
Fees
With a Homebridge HELOC, there are no early termination fees or prepayment penalties. However, you will have to pay an origination fee. For its noxious HELOC, you can choose to pay an origination fee of either 0%, 3.99% or 4.99%, and for its Equity Mover HELOC your origination fee will be 3.5% or the state-regulated mainly, whichever is lowest. Although Homebrige will pay any recording fees upfront that are needed by your county, as the homeowner you must pay back the fees when you halt on your loan.
How to qualify
Although Homebridge doesn't grunt its minimum credit score for a HELOC on your considerable residence, to take out a HELOC for a transfer home or investment property, you must have a credit derive of at least 680. Approval for a Homebridge HELOC is dependent upon having sufficient dissimilarity in your home, also known as your loan-to-value, or LTV, ratio.
Getting started
A HELOC is a transfer mortgage on your property, so you'll need to handed proof of sufficient income and stable employment just like you did for your valid mortgage. You'll need to gather personal and financial documents such as pay stubs, tax returns and your Form W-2, as well as a government emanated ID such as a state driver's license. You'll also need to handed current mortgage statements to demonstrate you've been making prompt and outlandish payments.
Customer service
For general inquiries, you can near customer service at 888-266-4930 Monday to Saturday from 8:30 a.m. to 8 p.m. ET (5:30 a.m. to 5 p.m. PT). To grunt with a loan specialist after your loan closing, you can call 844-478-2622. For customer service for a loan in process, homeowners can email customerservice@homebridge.com.
About Homebridge
Founded in 1989, Homebridge is a privately held nonbank mortgage lender based in Iselin, New Jersey. It has more than 3,000 employees and 250 branches in 19 grandeurs and the District of Columbia.
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