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Fraction HELOC
in Home Equity Lines of Credit from Fraction Lending US Inc. · NMLS ID #2084341
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Fraction HELOC

Claimed
in Home Equity Lines of Credit from Fraction Lending US Inc. · NMLS ID #2084341
Net Recommendation Score +100  

SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +100, equating to 5 on a 5 point rating scale.

+100

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Highlights
Community Rating

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Loan Amount Up to $1,500,000
APR  (Variable APR) 7.08% - 12.93%
Maximum LTV 45%

Fraction HELOC Review

Fraction HELOC is offered by Fraction Lending US Inc. (NMLS #2084341), a direct lender founded in 2020 and based in Berkeley, CA. Fraction HELOC is available in 1 state across the USA.

Fraction HELOC FAQ

How much can you borrow with a HELOC?

HELOCs are lines of credit that are secured by your home. Fraction Lending US Inc. requires you to take the full draw at the time of origination. As the loan is paid off, a percentage of the original loan amount can be again available to the borrower.

Fraction HELOC allows borrowers to apply for lines of credit of up to $1,500,000. 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 45% for qualified borrowers. That means the total debt secured by the property cannot exceed 45% 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 $25k.

What are the terms for a Fraction HELOC?

Unlike many HELOCs, Fraction HELOC requires borrowers to take the full amount upfront. The borrower can then take additional draws once a certain amount has been repaid.

Fraction HELOC offers home equity loans with terms ranging from 5 to 5 years.

Is there a minimum draw requirement?

Yes, the initial draw is required to be the entire loan amount, minus the origination fee.

What range of rates does Fraction HELOC offer?

Fraction HELOC offers APRs starting at 7.08% and up to 12.93%.

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 fees does Fraction HELOC charge for a HELOC?

Fraction HELOC may charge a loan origination fee of 2% up to 2.5% of the loan amount .

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Message From Fraction Lending US Inc.

With the Fraction HELOC, homeowners can now access up to $1.5 million or 50% of their home's equity while staying in their homes. All of our rates feature simple interest rates, which benefits the borrower. We are the only HELOC that provides you with a lump sum amount upfront and optional monthly payments.

The minimum APR for a 5 year Fraction HELOC is 4.22% and the maximum APR is 9.98%. The minimum APR for a 10 year Fraction HELOC is 4.73% and the maximum APR is 12.01%.

Fraction's loans feature 100% optional monthly payments and are a flexible way of tapping into your home’s equity. With a Fraction HELOC, borrowers can potentially cut their existing debt payments in half on average, achieved through eliminating their monthly mortgage payments.

Fraction is currently operating in Washington State in the US, and in British Columbia and Ontario in Canada.

Contact

Hours of Operation

  • Sunday Closed
  • Monday 9:00am - 5:00pm
  • Tuesday 9:00am - 5:00pm
  • Wednesday 9:00am - 5:00pm
  • Thursday 9:00am - 5:00pm
  • Friday 9:00am - 5:00pm
  • Saturday Closed

About Fraction HELOC

Availability

  Available in 1 state
Washington
Availabile in all of Washington

Feature Breakdown

Introductory Rate 3.91%
Purchase Intro APR Period (Variable APR) 60 months
Origination Fee (%) 2% - 2.5%
Credit Score Range 640 - 850
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Self-Employed
  • Retired
  • Unemployed
Immigration Status Considered
  • U.S. Citizen
Joint Loan Applications Accepted
  • Individual Applications
Military Status
  • Active Duty Military
  • Non-Military
  • Veterans
  • Military Dependent
Minimum Age 18
Supported Income Types
  • Direct Deposit (W2, SSA, SSDI)
  • Cash
  • Payroll Check or Prepaid Card
  • 1099 Misc. Income
  • Tax Returns
Verification Documents Required
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
  • Recent Pay Stubs
  • Proof of Identity
  • Government Issued Photo ID
  • Recent Bank Statements
  • Social Security Number
Maximum LTV 45%
Customizable Payment Dates
Draw Period 10 years
Funding Time Range Up to 49 days
Mortgage Features Flexible Payments
Repayment Period 10 years
Loan Term 5 years
Loan Amount Up to $1,500,000
APR (Variable APR) 7.08% - 12.93%
Interest Rate Types Offered Fixed-Rate Mortgage

Fraction HELOC Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +100, equating to 5 on a 5 point rating scale.

+100

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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