Axos Bank HELOC

Axos Bank HELOC Review

Axos Bank HELOC is offered by Axos Bank (NMLS #524995), a bank founded in 2000 and based in San Diego, CA. Axos Bank HELOC are available in 48 states (and Washington, DC).

Axos Bank HELOC FAQ

How much can you borrow with a HELOC?

HELOCs are lines of credit that are secured by your home. Once you get approved for a certain amount, you can access your funds by check, phone, credit card, or online up to your HELOC amount.

Axos Bank HELOC allows borrowers to apply for lines of credit of up to $250,000. Note that the maximum loan amount you can borrow will vary depending on the value of the property, how much you owe on it, and your creditworthiness.

This lender's maximum loan to value rate is 60% for qualified borrowers. That means the total debt secured by the property cannot exceed 60% of its value. Let's say you own a property with a current market value of $100k, but you still owe $20k on your mortgage. Your equity would be $80k. In this scenario, if you have excellent credit, you may qualify for a line of credit of up to $40k.

What are the terms for a Axos Bank HELOC?

HELOCs have a draw and a repayment period. During the draw period you can borrow as much as you need up to your credit limit. After the draw period, you are responsible for repaying the loan. 

Axos Bank HELOC offers home equity loans with terms ranging from 20 to 20 years.

Is there a minimum draw requirement?

Yes, there is a minimum draw requirement of $30,000.

What range of rates does Axos Bank HELOC offer?

Axos Bank HELOC offers APRs as low as 6.5% and up to 9%.

Remember the APRs of HELOCs do not include points and financing charges, just the interest rate. Most home equity lines of credit have a variable interest rate. Fixed interest rates -- if available -- typically have higher APRs, but your monthly payments don't change over the life of the line of credit.

What is the estimated funding time for a home loan via Axos Bank HELOC?

Axos Bank HELOC will typically fund home equity lines of credit in as few as 21 days of approval.

What fees does Axos Bank HELOC charge for a HELOC?

Axos Bank HELOC may charge a loan origination fee . There is also an annual fee of $50. Another fee you should factor in is a cancellation fee of up to $750.

What types of property can you use as security for a HELOC with Axos Bank HELOC?

Lenders often have restrictions on the type of properties they will accept as security for a HELOC. Axos Bank HELOC will consider lines of credit secured by the following property types:

• Primary homes.
• Secondary homes and vacation properties