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Last Updated: 04/18/2025
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Point HELOC & HEI
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Last Updated: 04/18/2025
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Highlights
Credit Score Range
680 - 850
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Amount Range
$25,000 - $500,000
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Maximum LTV
80%
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Minimum Draw
Starting at $50,000
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Loan Term (Years)
Up to 30
Point HELOC & HEI Review
Point HELOC & HEI is no longer available to new customers on SuperMoney. Click here to compare and quickly find the best options for your needs. |
Point HELOC & HEI is offered by Point Digital Finance, Inc. (NMLS #1610752), a financial services company founded in 2015 and based in Palo Alto, CA. Point are available in 1 state.
Key Takeaways
- Good credit required. You will need a credit score of at least 680 to qualify.
- Only primary residences considered. Point HELOC & HEI does not offer financing for vacation homes or investment properties.
- Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
- No origination fees. Point HELOC & HEI does not charge fees for processing your application.
- Maximum LTV. Point HELOC & HEI has a maximum loan to value ratio of 80%.
- High maximum DTI ratio. Point HELOC & HEI requires a debt-to-income ratio of less than 55%. This ratio includes all your monthly debts, not just your proposed mortgage payment. Typically, lenders have a maximum DTI of 43% or lower.
Point HELOC & HEI Pros & Cons
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Point HELOC & HEI FAQ
How much can you borrow with a HELOC?
HELOCs are lines of credit secured by your home. Once approved, you can access funds by check, phone, credit card, or online up to your credit limit.
Borrowers can apply for lines of credit of up to $500,000. The maximum amount depends on property value, existing mortgage balance, and creditworthiness.
The maximum loan-to-value (LTV) ratio goes up to 80%. This means total debt secured by the property cannot exceed this percentage of its value. For example, on a $100,000 home with a $20,000 mortgage balance, you may qualify for up to $60k in credit.
What are the terms for Point HELOC & HEI?
HELOCs include a draw period followed by a repayment period. During the draw period, borrowers can access funds as needed up to the credit limit.
Point HELOC & HEI offers home equity loans with a maximum term of 30 years and a draw period of up to 10 years.
Is there a minimum draw requirement?
Yes. The minimum draw requirement is $50,000.
What is the estimated funding time for a HELOC?
The HELOC through Point Digital Finance, Inc. can fund in as few as 10 days after approval.
What fees does Point charge for a HELOC?
Point Digital Finance, Inc. does not charge origination fees.
What types of property can you use as security for a HELOC with Point?
Point Digital Finance, Inc. may consider HELOCs secured by the following property types:
- Primary residences
Point HELOC & HEI Disclosure:
1. HELOC: A home equity line of credit is secured by your property and is available only for single-family residence, 2-4 unit owner-occupied, and condominiums, excluding co-op’s, in California. The minimum credit score is 680. The Annual Percentage Rate (APR) can be as low as 3.25% for the most qualified applicants and will be higher for other applicants, depending on credit profile. For example, a borrower with a CLTV of 50% and a credit score of 800 would receive an APR of 3.25%. The APR is a variable rate that is indexed to the Prime Rate as published in The Wall Street Journal plus a margin. The margin is determined based on credit history, loan amount, property usage, and combined loan-to-value (CLTV) ratio. The floor rate is 3.25%, and the maximum APR is 18%. The variable rate will not increase more than 2% annually. Your initial draw is required to be 100% of your line of credit up to $50,000. No application, early termination, and annual fees. Closing costs may vary based on the line amount, property location, title insurance required, and appraisal fees. Property insurance is required as a condition of the loan and flood insurance may be required if your property is located in a flood zone.
2. Home Equity Investment (HEI): Point partners with and invests alongside the homeowner in the property. The minimum credit score is 500. Subject to underwriting approval, Point will pay you an investment payment for the option to purchase a fractional interest in your home. Point charges a processing fee between 3-5% and other third party paid closing costs such as appraisal, escrow, and government fees. The maximum term is 30 years. Point will place a lien on your home to secure performance of the option agreement. There are no monthly payments or interest accrual. Homeowner’s repayment is based on the future appraised value of the subject property at the time of exit.
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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author's alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.
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Contact
Hours of Operation
Sunday
9:00AM - 5:00PM
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
9:00AM - 5:00PM
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Point HELOC & HEI Community Reviews
Would you recommend Point HELOC & HEI to your friends?
U
Anonymous
Nov 30, 2023
May or may not recommend
Had a previous experience which was pleasant and decided to do a Re-Point and that is where all hell broke loose! Everything you read negative about them is 100% true. From undervaluing your home, to changing the terms right before a supposed closing that never happens. They bring you down to your knees with the lowest terms possible to only tell you they have no date to close. If you ...Show More
KH
K. H.
Jun 15, 2022
May or may not recommend
H.E.l.
Pros: The terms and policies are way better than the other companies they only take out their percentage from the appreciation value rather than the total appraisal of the home.
The con: The only kind that I had in issue with it takes forever for the appraisal and your contact person never gets right back to you other than that everything was cool and went pretty well as I'm ...Show More
Showing 2 of 2 reviews
