A Home Equity Line of Credit, commonly referred to as HELOC, is a type of loan that allows homeowners to borrow against the equity of their homes. First Fidelis is now offering a product known as the Automated 5-Day HELOC program, which is a standalone product that allows you to close on a loan of $20,000 or more in just five days. Let’s go over how this new HELOC program works and who can take advantage of it.
How Does the Automated 5-day HELOC Work?
Home equity lines of credit are great loan options because of their low-interest rates and the borrower’s ability to withdraw money as needed over the HELOC draw period. The Automated 5-Day HELOC offers borrowers an easier way to acquire one.
The broker’s time commitment is as little as 30 minutes to start the application process for the borrower, and the borrower can even apply online and receive a decision in under 15 minutes. State-of-the-art encryption technology keeps the borrower’s info secure and allows for a fully digital approval process – all in just a few minutes!
Once the borrower has received a decision, they can close on a HELOC in as little as five business days. Automated 5-day HELOC lines amount up to $400,000 based on borrower qualifications and require a full draw at closing. There are also no prepayment penalties, and a 100% maximum redraw is available based on the initial credit line.
Additionally, at First Fidelis, we offer a HELOC five-year draw period, meaning you can take out money as needed at $500 minimum increments for up to five years. The Automated HELOC also has draw periods of four, three, or two years based on the initial term of the loan.
Who Qualifies for the Automated 5-day HELOC Program?
Anyone who owns a single-family home, condo, or investment property in a planned unit development may take out a home equity line of credit. If the borrower has a Combined Loan-to-Value (CLTV) ratio of up to 85% and a credit score above 620, they are eligible for the Automated 5-day HELOC. In addition, only borrowers in the following states are eligible to participate:
- Eligible States: AK, AL, AR, AZ, CA, CO, CT, DC, FL, GA, IA, ID, IL, IN, KS, LA, MA, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, OH, OK, OR, PA, RI, SD, TN, UT, VA, VT, WA, WI & WY.
- Ineligible States: DE, HI, KY, MD, NY, SC, TX, WV.
To be eligible, the mortgage loan originator must be licensed in the state where the subject property is located.
Are you interested in this quick and easy way to get home equity? First Fidelis’ team of experienced home mortgage lenders is here to help you get started with the Automated 5-day HELOC program today. Our mortgage lenders will help you get the best rates and make the whole process seamless. Contact or call us at (913) 205-9978 today to get started.