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Point HELOC & HEI
in Home Equity Lines of Credit from Point Digital Finance, Inc
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Point HELOC & HEI

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in Home Equity Lines of Credit from Point Digital Finance, Inc
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

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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Highlights
Community Rating

Rating not yet determined  

Loan Amount $25,000 - $500,000
APR  (Variable APR) 3.25% - 5.99%
Maximum LTV 80%

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 is 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 HELOC & HEI 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 HELOC & HEI?

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.

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.
SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
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.

Message From Point Digital Finance, Inc

Point is the only platform to offer homeowners both HELOCs (Home Equity Lines of Credit) and Home Equity Investments (HEIs*). With either solution, you can access up to $500,000 in cash with a seamless online application, and a commitment to homeowner satisfaction.

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Other Services by Point Digital Finance, Inc

Availability

  Available in 1 state
California
Availabile in all of California

Feature Breakdown

No Origination Fee
Credit Score Range 680 - 850
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Intended Use Primary Home
Joint Loan Applications Accepted
  • Individual Applications
Military Status
  • Active Duty Military
  • Non-Military
  • Veterans
  • Military Dependent
Supported Income Types
  • Direct Deposit (W2, SSA, SSDI)
  • Cash
  • Payroll Check or Prepaid Card
  • 1099 Misc. Income
Verification Documents Required
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
  • Recent Pay Stubs
  • Proof of Residence
Maximum LTV 80%
Minimum Draw Starting at $50,000
Draw Period 10 years
Funding Time Range Starting at 10 days
Repayment Period 20 years
Loan Term Up to 30 years
Loan Amount $25,000 - $500,000
APR (Variable APR) 3.25% - 5.99%

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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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