HELOC Home Equity

Do I have to own a home or property to qualify for a HELOC?

Yes. Qualifying applicants must own a home or property that has a greater appraised value than the total balance of any outstanding mortgages, liens or other lines of credit against the property.

Do I have to live in the residence being used as collateral?

Yes. Currently First Advantage Bank's HELOC is available for those residences which are owner occupied.

How can a HELOC be used?

Borrowers can use the Home Equity Line of Credit for:

  • Paying off high-interest loans
  • Consolidating debt
  • Making home improvements
  • Assisting with education costs

What is the cost to apply?

There are no fees to apply.

How much can I borrow?

The minimum HELOC amount for qualifying homeowners is $10,000. The total amount a homeowner can borrow is based on the appraised value of the property being used as collateral versus the amount owed on the property up to 89.99% Loan To Value (LTV). Click here to calculate how much credit you may be able to obtain.

What are the terms or repayment policies?

HELOCs mature in 10 years. The borrower may apply to renew the line at maturity or payoff the existing loan balance. The borrower is required to make monthly interest payments on the total amount drawn and the funds become available again as the principal is paid off, similar to a credit card.

Interest rates may vary depending on credit history and other factors.

What are tax advantages of a HELOC?

Consult with your tax advisor to find out whether the interest paid on a HELOC would be tax-deductible in your particular situation.

How quickly can I get approved?

Online applications will be processed immediately. All online inquiries received before 2pm Monday Friday will be contacted by a Loan Officer that same day. All others will be contacted the next business day.

When would I have access to my Home Equity Line of Credit?

Loans can close as quickly as 5 business days.

How do I access my HELOC account?

Its as simple as writing a check! Well gladly provide you with checks to access your available credit.

Equal Housing Lender