The Loan Exchange

HELOC FAQs

What are the criteria to qualify?

Own a home in California and have equity in your home. Have enough income to be able to pay your monthly payments. Meet certain criteria such as credit score, income, property value.

Would the interest rate change?

Your initial rate is set at the life rate cap or maximum interest rate for the life of the loan. So the interest rate can lower in your favor but will not increase above the initial rate until the loan matures.

Do I have to draw full credit line at closing?

You can draw partial amount of credit line at closing. After closing, you can draw minimum $5,000 up to remaining line of credit.

What’s my monthly payment?

During the first 5 years (“Draw period”), your monthly payment will be interest only on the outstanding balance. After then, your monthly payment will be accrued interest plus principal at the end of Draw period amortized over 240 months.

Rates Too High to Refinance Now?

Our mission is to assist you in refinancing at the most opportune moment for you. We constantly monitor rates and strive to secure the most competitive ones for your benefit.

If now is not the right time to refinance, share your current rate, and we'll alert you when rates dip!

HELOC FAQs

Rates Too High to Refinance Now?

What's Your Current Rate?

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