Home Equity Line of Credit (HELOC)
Before you Apply
How can you use the money from a HELOC?
• Copy of your valid state-issued ID
• Potentially proof of homeowners insurance
• IRS.gov or ID.me accounts for identity verification
• User IDs for bank accounts
• Certificates of Trust, if applicable
• Northeast will work with lenders that offer loans on single-family residences, townhouses, Planned Unit Developments (PUDs), and most condos. The following properties are not eligible: co-ops, commercially zoned real estate, multifamily (2+) real estate, manufactured housing, earth or dome homes, timeshares, log homes, houseboats, or mixed-use properties.
• The property may be the applicant’s primary, secondary residence, or investment property.
• You must enter your information into the application 100% accurately, or you will receive a denial. Please check for the accuracy of all information before submitting your application.
• You only have one try on the application, so please take your time and ensure everything is correct. Call us if you have any questions before submitting – We are here to help!
• You must use your full legal name for the application.
• Please do not manually enter property liens separately. This creates duplicate entries, and you could be denied due to inflated ratios.
• It is required that you answer the question “Is this property for financing listed for sale?” as YES if you intend to sell the property within the next six months.
• Please have your User ID and password ready from your bank accounts.
• Register with IRS.gov or ID.me for ID and tax purposes. It does take a little time to register for these sites, and you will need a photo of your ID and be in front of a camera (phone or webcam) to set it up.
• Have your payroll provider username and password if your company uses ADP or similar.
The property may be the applicant’s primary, secondary residence, or investment property. The minimum required credit score is 680 for 2nd homes and investment properties.
With the help of your loan officer most applicants can complete the application in 5 minutes and usually receive a decision within one day.
We analyze inflow in your connected accounts to verify your stated income. We can perform this analysis through connected bank accounts, qualified asset accounts, tax returns and/or paystubs. All sources must be connected during the application process.
Most applicants can complete the application in 5 minutes. Once the full loan process is complete, the loan is typically funded within five days.
Identity and income verification must be completed within 14 days. After a credit report is pulled, your expiration date will be extended by 29 days.
Our eNotary will connect with you via an audio-enabled video session. The eNotary will confirm your identity via the ID you provided during the application process and ask you a set of knowledge-based authentication questions. Once you have authenticated, you will be able to review your mortgage document and electronically sign the document during the session. Once you sign, the eNotary will electronically notarize your document. Some counties do not allow eNotary. In these counties, we will schedule a mobile notary to meet the borrower at a location of their choosing to sign in-person.
Our eNotaries are available Monday-Saturday from 6 am – 6 pm Pacific Time. You can resume your session during business hours if you apply after hours.
Your rate cannot be determined until the time of application. Interest rates are determined by loan components through artificial intelligence. They will vary based on your credit score and the Loan-To-Value.
You will receive up to 100% of the HELOC amount.
As you begin to pay down your loan, you will be able to redraw up to 100% of your credit limit. Additional draws must be at least $500, and the total outstanding balance cannot exceed 100% of the credit limit. The APR is based on the prime index at the time of the redraw and the fixed margin rate outlined in their HELOC agreement. Credit will not be pulled again with requested withdrawals.
There will be a soft pull credit check when you apply and check the rate. This pull does not affect your credit score. If you choose to move forward and submit an application, a hard pull credit report will be generated.
Most funding happens within about five business days, which includes a 3-day rescission period. The rescission period lasts for three consecutive business days (all calendar days except Sundays and Federal holidays).
Yes, you may pay back your loan at any time. There are no prepayment fees.