Point HELOC & HEI

Point HELOC & HEI Review

Point HELOC & HEI is offered by Point Digital Finance, Inc, a financial services company founded in 2014 and based in Palo Alto, CA. Point HELOC & HEI are available in 1 state across the USA.

Point HELOC & HEI 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.

Point HELOC & HEI allows borrowers to apply for lines of credit of up to $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 80% for qualified borrowers. That means the total debt secured by the property cannot exceed 80% 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 $60k.

What are the terms for a Point HELOC & HEI?

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. 

Point HELOC & HEI offers home equity loans with a maximum term of 30 years with an additional draw period of up to 10 years.

Is there a minimum draw requirement?

Yes, there is a minimum draw requirement of $50,000.

What range of rates does Point HELOC & HEI offer?

Point HELOC & HEI offers APRs as low as 3.25% and up to 5.99%.

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 Point HELOC & HEI?

Point HELOC & HEI will typically fund home equity lines of credit in as few as 10 days of approval.

What fees does Point charge for a HELOC?

The good news is Point Digital Finance, Inc does not charge closing costs or processing fees.

Some lenders charge an origination fee for processing, underwriting, and funding a mortgage. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.

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

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

• Primary homes.