Where to Apply for a HELOC? Hitch Has You Covered
May 7, 2023
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Home equity lines of credit (HELOCs) are a popular financing option for homeowners looking to tap into their home equity. If you're considering a HELOC and wondering where to apply, Hitch is the platform you should consider. In this article, we'll explore what a HELOC is, how to apply, and why Hitch is the best platform to use for your HELOC needs.
What is a HELOC?
A home equity line of credit (HELOC) is a revolving line of credit that allows homeowners to borrow against their home's equity. HELOCs are typically used for home renovations, debt consolidation, and other expenses. Unlike traditional loans, HELOCs offer flexibility, allowing homeowners to draw on the credit line as needed and repay the borrowed amount over time.
How to Apply for a HELOC
To apply for a HELOC, you'll need to follow these steps:
1. Determine your eligibility: To be eligible for a HELOC, you must have equity in your home and a good credit score. Lenders will also consider your income, debts, and other factors when evaluating your application.
2. Shop around for the best rates: It's crucial to compare offers from multiple lenders to find the best rates and terms that suit your needs. You can compare interest rates, fees, and other terms to select the best option.
3. Submit your application: Once you've selected a lender, you'll need to complete the application process, which typically involves providing financial information, proof of income, and other documentation.
4. Wait for approval: After you've submitted your application, the lender will evaluate your application and determine if you're approved for a HELOC.
Why Use Hitch for Your HELOC Needs?
Hitch is the perfect platform for homeowners looking to apply for a HELOC. Here are some of the benefits of using Hitch:
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Quick and Easy Application Process: Hitch's online platform makes it easy to apply for a HELOC from the comfort of your home. The application process is quick, and you can get pre-approved within minutes.
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Multiple Lender Options: Hitch partners with multiple lenders, giving you access to competitive rates and terms. You can compare offers from multiple lenders and select the best option that suits your needs.
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Personalized Loan Options: Hitch's algorithm matches you with the best lender based on your financial situation and needs. You'll receive personalized loan options that fit your budget and goals.
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Secure and Transparent: Hitch's platform is secure and transparent, ensuring that your personal information is protected. You can rest assured that your information is safe and that you're getting the best loan options available.
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!”
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.