Yes! You may still be eligible for a HELOC if you meet our credit qualifications and you have built enough equity in the home that you have a mortgage on.

You can borrow up to 80% of the home's value minus the dollar amount of your first mortgage. For example: If your home is valued at $200,000, then 80% of your home's value is $160,000. If you still owe $90,000 on the mortgage than you would have $70,000 available to borrow for your HELOC. ($160K - $90K = $70K available to borrow.)

The minimum HELOC amount is $5,000, but the borrower can allow the HELOC to have a $0 balance.

No! Your first mortgage can be with most any financial institution. We will need that mortgage information (lender, account number) during the application process.

At the time of the application, funds (approximately $600) are collected from the applicant to pay for the appraisal. At closing, if the appraised value is sufficient and line is opened, the funds are returned to the applicant. There is also a $45 annual fee for the HELOC. (Annual fee is waived for the first year.)

Your monthly payment would be 1.5% of the current balance. For instance, if you have $10,000 remaining on your current balance your monthly payment would be $150.