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Interest-Only HELOCs

INTEREST-ONLY HELOCs
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Our Interest-Only Home Equity Line of Credit (HELOC) provides flexible access to your home’s equity while keeping your initial payments low.

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Here’s how the Interest-Only HELOC works:

  1. Flexible borrowing: A HELOC is a credit line, allowing you to borrow as much as you need, up to your credit limit, during the draw period.
  2. Interest-only payments: During the draw period, you have the option to make interest-only payments, which can significantly reduce your monthly payment amount. This feature gives you financial flexibility, especially during times when you may need extra cash flow.
  3. Draw period: The period of time when you can access your funds and make interest-only payments. You can repay and reborrow multiple times during this period, similar to a credit card.
  4. Repayment period: After the draw period ends, the HELOC enters the repayment period where you’ll make payments on both the principal and interest. Your payment amount will increase during this time to cover the principal repayment.

Loan features

  • Variable rate loans, from $25,000 to $500,0001
  • Owner occupied LTV up to 80%
  • 10-year draw period
  • 20-year repayment period
  • No prepayment penalty
  • Available to those with ITIN
  • Available for homes in California and Nevada
  • Loan rates

Which home value loan is right for you?

100% CLTV home equity loan
A 100% CLTV home equity loan is secured by the property and enables homeowners to borrow money by leveraging the remaining equity in their home that they may not have been able to take advantage of with a traditional first or second mortgage. It can accommodate various lien positions, offering flexibility for complex financial situations.

Traditional home equity loans
With our traditional home equity loan, you can borrow against your home’s equity, up to 80% LTV, with favorable terms. This option is well-suited for those with sufficient equity who want to benefit from lower interest rates and predictable payments.

Home Equity Line of Credit (HELOC)
A HELOC functions like a revolving credit line, allowing you to borrow as needed up to your approved credit limit during the draw period. We have both Interest-Only HELOC and Traditional HELOC options.

1Rates are based on the Prime Rate and creditworthiness at the time of loan approval. Visit our loan rates page for estimated monthly payments and additional fees.

What you should know about HELOCs

Home Equity Early Disclosures – Interest-Only

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