Not always! In many cases, an appraisal is not required. The approval system uses advanced technology (including AI and property data tools) to determine your home’s value instantly — which means you can often skip the traditional appraisal altogether.

However, if your home’s value can’t be confidently verified through automated data or if you’re requesting a higher loan amount (especially near the 95% CLTV limit), a desktop or full appraisal might be needed.

The good news? If one is required, the process is still fast — and you’ll be notified upfront so there are no surprises. Either way, we’ll guide you through the steps.

Most lenders require a minimum credit score around 640 to qualify for a home equity line of credit. In general, a higher score improves your chances of approval and may get you better rates. This particular program looks for 640 or above, aligning with industry standards, along with sufficient home equity and income to support the loan.

Typically, home equity lines have a minimum loan amount of about $10,000. This program allows you to borrow at least $10k or more. The maximum amount depends on your home equity and qualifications – many lenders offer six-figure credit lines. For example, some platforms allow tapping anywhere from $25,000 up to $500,000 (or more) in home equity, with certain programs even extending higher than $500k+ for well-qualified borrowers. The exact limit will be determined by your equity and the Combined Loan-to-Value cap (see next question).

You are not limited to your primary residence – this home equity program accepts primary homes, second homes (vacation homes), and even investment properties as collateral. While primary residence HELOCs are most common, some lenders do offer HELOCs on second homes and investment properties. Keep in mind that financing an investment property or vacation home might have slightly stricter requirements or higher rates (because they’re a bit riskier for the lender. But yes, you can tap equity from a second home or rental property with this product, not just your main home.

You do not have to refinance your existing first mortgage. A home equity line of credit is a second mortgage that lets you tap your equity while keeping your original mortgage (and its low rate) intact. This is a big benefit compared to a cash-out refinance – you won’t disturb that ultra-low rate you might have on your primary mortgage. In short, you keep your current mortgage and simply add a new second lien for the equity line. This allows you to “keep your low-interest rate mortgage” on the first loan while accessing new funds from your equity in a separate loan.

This program is designed for speed. The lender uses an approval engine to streamline the process, so the application can take as little as one minute and approval is very quick. In fact, we advertises funding in as little as 3 days after you apply– much faster than traditional home equity loans that can take weeks. In practice, your timeline may vary based on how quickly you submit any needed documents or verify information, but the focus is on a fast, digital approval. Borrowing a smaller amount (or keeping within 80% CLTV) can expedite the process, whereas maxing out the equity (up to 95% CLTV) might take a little longer. Overall, you should expect a very quick turnaround – often a few days from application to having money in your account under this program.

The application is very user-friendly and streamlined – it’s an online process touted as “friendly & simple for consumers.” You’ll fill out a digital form that can literally take about one minute in some cases. The platform leverages artificial intelligence to automate underwriting and processing. That means much of the heavy lifting (verifying your credit, income, property value, etc.) is handled behind the scenes quickly. You should be prepared to provide basic information about your income/employment, your property, and your existing mortgage. In many cases you can connect accounts or upload documents electronically. Thanks to the automated platform, the underwriting, closing, and even funding are quick and seamless, reducing the need for excessive paperwork. In short, the process is designed to be fast and hassle-free, with minimal paperwork compared to a traditional loan.

This home equity line offers a fixed interest rate, which means your rate and monthly payment will never change — no surprises down the road.

Rates start as low as 7.99% APR for well-qualified borrowers, and the most common option is a 25-year fixed-rate term with no prepayment penalty. This gives you the predictability of a consistent monthly payment, unlike traditional HELOCs that often come with variable rates that can go up over time.

Rate Disclosure: The quoted 7.99% rate has an APR of 8.125% and is based on a borrower with a minimum credit score of 780, a CLTV of 60% or less, and other strong qualifying factors. Actual rates may vary based on your credit profile, property type, CLTV, loan amount, and other criteria. Not all applicants will qualify for the lowest advertised rate.

You’ll see your personalized rate after completing the quick online form — it takes about 60 seconds, and there’s no credit impact to get started.

Repayment depends on the structure of the loan. With a traditional HELOC, you often get a draw period (e.g. 10 years) during which you can borrow as needed and pay interest-only on what you’ve drawn (you may choose to pay principal, but usually only interest is required). After that, the HELOC enters a repayment period (e.g. 10–20 years) where the line closes and you repay principal plus interest, usually in fixed instalments. The key point: you will have to repay what you borrow, either through interest-only payments for a period followed by amortising payments, or straight-line amortised payments from the start, depending on the program. There are no prepayment penalties for paying off early in either case – you can always pay extra toward principal to finish the loan early if you desire.