HELOC Special Offers: How to Get the Best Deal with Your Home Equity Line of Credit
May 7, 2023
Share
If you're a homeowner, you may have heard of a home equity line of credit (HELOC) and how it can provide a flexible and convenient way to access the equity you've built up in your property. And if you're looking to get the most out of your HELOC, you may want to consider the special offers available from lenders like Hitch.
What is a HELOC?
Before we dive into the special offers available for HELOCs, let's first understand what a HELOC is. A HELOC is a type of loan that allows you to borrow against the equity in your home. This is the difference between the value of your property and the amount you owe on your mortgage. With a HELOC, you can borrow money as you need it, up to a pre-determined credit limit, and only pay interest on the amount you borrow.
HELOC Special Offers
When looking for a HELOC, it's important to consider the special offers and promotions that different lenders offer. Here are some of the most common types of special offers available:
1. Introductory Interest Rates
Many lenders offer low introductory interest rates for a set period of time, typically six months to a year. This can help you save money in the short term and make your monthly payments more affordable.
For example: A lender may offer an introductory interest rate of 2.99% for the first six months of the HELOC, after which the rate will increase to the standard rate of 4.5%.
2. No Closing Costs
Some lenders offer HELOCs with no closing costs. This means you won't have to pay any fees to take out your HELOC, which can save you thousands of dollars.
For example: A lender may waive all closing costs associated with the HELOC, which typically include appraisal fees, title fees, and origination fees. This can save the borrower thousands of dollars.
3. Rewards Programs
Some lenders offer rewards programs that can help you save money on your HELOC. For example, you may be able to earn points that can be redeemed for cash back or other rewards.
For example: A lender may offer a rewards program where the borrower can earn points for every dollar spent on the HELOC. These points can be redeemed for cash back or other rewards.
4. Home Price Protection
Excellent Customer Service: Hitch has a team of experienced professionals who are available to answer your questions and provide guidance throughout the borrowing process.
For example: A lender may offer home price protection, which means they will pay the borrower the difference if the value of their home decreases during the term of the HELOC.
Why Choose Hitch for Your HELOC?
Hitch is an online lender that specializes in HELOCs. Here are some of the reasons why you should consider Hitch for your HELOC:
-
Competitive Rates: Hitch offers some of the most competitive rates in the industry, which means you can save money on your loan.
-
No Closing Costs: Hitch offers HELOCs with no closing costs, which can save you thousands of dollars.
-
Streamlined Application Process: Hitch's online application process is quick and easy, and you can get pre-approved in minutes.
-
Excellent Customer Service: Hitch has a team of experienced professionals who are available to answer your questions and provide guidance throughout the borrowing process.
Ready to unlock the value in your home and make smart financial decisions? Get a quote from Hitch today and experience the benefits of our digital HELOC platform. Our streamlined process, personalized approach, and commitment to your financial health make us the ideal choice for your home equity needs. Don't wait, take control of your finances with Hitch. Get a Quote from Hitch Today!
Borrow from yourself, not the bank!
See your equity and HELOC rate in seconds
Hitch, Inc. NMLS #2383367 #2383367
2158 NW Toussaint Drive. Bend, Oregon 97703
1. Qualified applicants may borrow up to 95% of their home’s value. This does not apply to investment properties.
2. HELOCs have a 10-year draw period. During the draw period, the borrower is required to make monthly minimum payments, which will equal the greater of (a) $100; or (b) the total of all accrued finance charges and other charges for the monthly billing cycle. During the draw period, the monthly minimum payments may not reduce the outstanding principal balance. During the repayment period, the borrower is required to make monthly minimum payments, which will equal the greater of (a) $100; or (b) 1/240th of the outstanding balance at the end of the draw period, plus all accrued finance charges and other fees, charges, and costs.The lender will calculate this amount by taking the outstanding Account Balance on the last day of the draw period and dividing it by 240 months and then adding any finance charge that accrues but remains unpaid during the monthly billing cycle plus any other fees, charges and costs to the fixed principal payment that is due. During the repayment period, the monthly minimum payments may not, to the extent permitted by law, fully repay the principal balance outstanding on the HELOC. At the end of the repayment period, the borrower must pay any remaining outstanding balance in one full payment.
3. The time it takes to get cash is measured from the time the Lending Partner receives all documents requested from the applicant and assumes the applicant’s stated income, property and title information provided in the loan application matches the requested documents and any supporting information. Most borrowers get their cash on average in 21 days. The time period calculation to get cash is based on the first 4 months of 2024 loan funding's, assumes the funds are wired, excludes weekends, and excludes the government-mandated disclosure waiting period. The amount of time it takes to get cash will vary depending on the applicant’s respective financial circumstances and the Lending Partner’s current volume of applications. Closing costs can vary from 3.0 - 5.0%. An appraisal may be required to be completed on the property in some instances.
4. Not all borrowers will meet the requirements necessary to qualify. Rates and terms are subject to change based on market conditions and borrower eligibility. This offer is subject to verification of borrower qualifications, property evaluations, income verification and credit approval. This is not a commitment to lend.
5. The content provided is presented for information purposes only. This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice. All loans are subject to credit approval. Other restrictions may apply.