Your Source for Home Equity
Home Equity Lines of Credit
A home equity line of credit lets you borrow against the value you've built in your home — without refinancing the first mortgage and giving up the rate you already have.
Our HELOC program is fast and fully online. Most homes are valued without a traditional appraisal, your initial draw locks in at a fixed rate with a predictable monthly payment, and you can draw again as often as you need during a 5-year draw period.
As your broker, we'll help you decide whether a HELOC, a cash-out refinance, or a home equity loan is the right fit, and walk you through the numbers before you commit.
Put Your Equity to Work
What Homeowners Use a HELOC For
Your line is flexible. Use it for one big project, or keep it open as a financial cushion and draw only when you need it.
- Home improvements and renovations
- Paying off credit cards, personal loans, auto or student loans
- Tuition, medical bills, or large purchases
- Tapping equity in a second home or rental property
- Keeping a low first-mortgage rate while accessing cash
Monthly Freedom Calculator
Paying off high-interest debt?
If a cash-out refinance is on the table, see how much monthly cash flow you could free up — and how long it may take to cover closing costs.
Fast, Simple Process
How It Works
Online from start to finish, with document upload and electronic verification built in.
Check your offer
Answer a few questions about you and your home to see what you may qualify for. Most properties are valued with an automated valuation instead of a full appraisal.
Verify and sign
Verify income by securely linking your bank account or uploading paystubs, W-2s, tax returns, or benefit letters. Then review your terms and sign.
Get funded
Your initial draw is funded at a fixed rate. Take additional draws anytime during your draw period, with no fees on later draws.
Why Homeowners Choose It
HELOC Highlights
Keep your first mortgage
Access cash without refinancing away the rate you locked in. First-lien options are also available if you own your home free and clear or want to replace an existing HELOC.
Fixed-rate draws
Your initial draw, and any cash-out or balance-transfer draws after it, are fixed-rate — so your payment doesn't change with the market.
Draw again and again
Unlimited draws during a 5-year draw period, with no fees on draws after your first.
Pay off debt at closing
Credit cards, personal loans, auto loans, and student loans can be paid off directly — which may also help you qualify.
Title and signing covered
Title insurance and in-person signing costs are covered, and recording charges can be spread over 12 months interest-free.
Flexible qualifying
Salaried, self-employed, retired, and rental income are all supported. Household income counts, and co-borrowers are welcome.
Program Details
The Details at a Glance
| Line size | $5,000 to $1,000,000 |
| Combined loan-to-value | Up to 89% on owner-occupied homes (varies by credit score and line size) |
| Credit score | Programs available starting at 620 |
| Rate | Fixed on initial draw, cash-outs, and balance transfers; variable on card purchases |
| Terms | 5, 10, 15, or 30 years; 5-year draw period; no interest-only period |
| Occupancy | Primary residence, second home, and investment property |
| Property types | Single-family, condo, townhome, PUD, and 2–4 unit properties |
| Lien position | First or second lien |
| Valuation | Automated valuation for most lines; full appraisal for lines over $400,000 |
| Vesting | Individual or personal revocable family trust |
Program features are subject to change and depend on credit, property, occupancy, and state. Your actual terms will be provided with your offer.
Compare Your Options
HELOC vs. Cash-Out Refinance
| Our HELOC | Traditional HELOC | Cash-Out Refinance | |
|---|---|---|---|
| Your first mortgage | Stays in place (or pays off in 1st position) | Stays in place | Replaced with a new loan |
| Rate on funds drawn | Fixed on each cash draw | Usually variable | Fixed or adjustable on the whole loan |
| Application | Online, electronic verification | Often in-branch | Full mortgage process |
| Appraisal | Automated valuation for most lines | Often required | Usually required |
| Best when | You want flexible access to equity and a predictable payment | You prefer a branch relationship | Today's rates beat your current rate |
Comparison is general and for illustration only.
Good to Know
Transparent From the Start
A HELOC is a great fit for many homeowners, but it isn't right for everyone. Here's what to keep in mind before you apply — and we're always happy to talk it through.
- Your home secures the line of credit.
- A one-time fee applies to your initial draw and is added to your balance. Later draws have no fee.
- Card purchases carry a variable rate.
- Homes purchased within the last 90 days aren't eligible, and investment properties must have been owned for at least 12 months.
- Manufactured homes, co-ops, and high-rise condos aren't eligible.
- Texas homeowners: primary residences only, with Texas home equity rules and a 12-day waiting period before closing.
Questions?
Frequently Asked Questions
How much can I borrow?
Lines range from $5,000 to $1,000,000. Your line depends on your home's value, your existing mortgage balance, your credit score, and your income. On owner-occupied homes, your total mortgage debt plus the new line can be up to 89% of your home's value for smaller lines, and lower for larger ones.
Is the rate fixed or variable?
Your initial draw is fixed. Any later cash-out or balance-transfer draws are also fixed, set at the time of each draw. Purchases made with the card carry a variable rate.
Do I have to refinance my current mortgage?
No. The line can sit behind your existing mortgage, so your current rate and payment stay the same. If you own your home free and clear, or want to pay off a mortgage or existing HELOC, the line can also be in first position.
Do I need an appraisal?
For lines up to $400,000, your home is typically valued with an automated valuation model, so there's no appraisal appointment. Lines over $400,000 require a full appraisal.
Can I use it on a rental or second home?
Yes. Investment properties and second homes are eligible if you've owned the property for at least 12 months, and your primary residence doesn't need to be in the same state.
I'm self-employed. Can I qualify?
Yes. Income can be verified by securely linking your bank account, or with tax returns, 1099s, or other documents. Social Security, pension, and retirement income are also accepted.
What would prevent me from qualifying?
Common issues include a current mortgage delinquency, a late mortgage payment in the last 24 months, a mortgage in forbearance, a charge-off in the last 12 months, or a bankruptcy within the last 4 years. Unpaid property taxes or judgment liens will also need to be resolved.
Is it available where I live?
We can help homeowners in most of the states where we're licensed. Reach out and we'll confirm eligibility for your property, and suggest other equity options if a HELOC isn't the best fit.
Why go through Merit Mortgage Group?
As a wholesale broker, we have access to many lenders and loan types. We'll help you compare a HELOC with a cash-out refinance or other programs so you get the best total cost, and we'll be your point of contact the whole way.
See How Much of Your Equity You Can Access
Checking your offer takes just a few minutes. Questions first? Call us at (757) 755-0206.
HELOC Disclosures: Merit Mortgage Group LLC (NMLS #2460866) is a mortgage broker, not a lender. Home equity lines of credit are offered through our wholesale lending partners, and all credit decisions, rates, terms, and fees are set by the lender. Your home is used as collateral, and failure to repay may result in the loss of your home. Line amounts, combined loan-to-value, rates, fees, and program availability depend on credit, property, occupancy, and state, and are subject to change without notice. Consult a tax advisor regarding the deductibility of interest. This is not a commitment to lend or extend credit. View all disclaimers · NMLS Consumer Access
Merit Mortgage Group, LLC
1 Prestwick
Williamsburg, VA 23188
Phone: (757) 755-0206
Company NMLS #2460866
www.nmlsconsumeraccess.org
Licensed in
CA, CO, FL, GA, IA, ID, KS, OK, PA, SC, TX and VA
Equal Housing Opportunity
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