What Is a Home Equity Line of Credit (HELOC) or Home Equity Loan?

Lendmire’s Home Equity Line of Credit (HELOC) and Home Equity Loan programs make it easy to access the equity you’ve built in your home. Instead of refinancing your entire mortgage, you can borrow only what you need — whether as a flexible revolving line of credit or a lump-sum loan with predictable payments.

These solutions give you fast access to funds for renovations, debt consolidation, or major expenses — all while saving you time, hassle, and money compared to traditional financing.

Key Benefits

• Fast funding — as quick as 5 days

• Flexible options: revolving line of credit (HELOC) or fixed lump sum (Home Equity Loan)

• High loan amounts: up to $750,000

• Low minimums: borrow as little as $25,000 (HELOC) or $75,000 (Home Equity Loan)

• Competitive LTVs: up to 85% (HELOC) and 90% (Home Equity Loan)

• Fixed-rate stability: predictable payments with terms up to 30 years

• Streamlined approval: automated underwriting for HELOCs; full underwriting with exceptions available for HELOANs

HELOC & HELOAN Guidelines

HELOC:

• Lien Position: 1st, 2nd, or 3rd

• LTV / CLTV: up to 85%

• Credit Score: 600+ for primary homes; 680+ for 2nd homes & investments

• Funding Speed: as fast as 5 days

• Appraisal: AVM under $400k, full appraisal above $400k

• Income Documentation: personal bank statements, payroll, or tax transcripts

Home Equity Loan (Closed End Second):

• Lien Position: 2nd lien only

• LTV / CLTV: up to 90%

• Credit Score: 680+

• Funding Speed: around 10 days

• Appraisal: AVM under $400k, full appraisal above $400k

• Income Documentation: full doc, 1099 (1–2 years), or bank statements (12–24 months)

• Co-Borrowers: allowed

• Vesting: sole ownership, LLC, or trust

How It Works

Pre-Qualification
Start by determining your eligibility and estimated loan amount based on your credit, income, and available home equity.

Approval
HELOCs feature automated approvals with quick turnarounds, while Home Equity Loans allow for full underwriting with exceptions — giving you more flexibility.

Funding
Get access to your funds in as little as 5 days with a HELOC, or around 10 days with a HELOAN.

Repayment
Choose flexible draw periods with a HELOC or fixed monthly payments with a HELOAN — whichever fits your goals.

Why Lendmire

At Lendmire, we make tapping into your home equity fast, simple, and stress-free. With quick approvals, competitive loan options, and hands-on support, we help you put your equity to work without unnecessary delays or complications.

Whether you want the flexibility of a revolving line or the certainty of a fixed loan, Lendmire has a program that fits your needs.

Compliance Notice

Lendmire complies with all federal and state mortgage regulations. Program eligibility, LTV limits, and loan terms vary based on borrower qualifications and loan type. A Loan Estimate (LE) will be provided after submission of a completed application and required documentation.