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  Prosperity Home Mortgage HELOC

Prosperity Home Mortgage HELOC

in Home Equity Lines of Credit from Prosperity Home Mortgage · NMLS ID #75164

Unaffiliated

Prosperity Home Mortgage HELOC

Unaffiliated

in Home Equity Lines of Credit from Prosperity Home Mortgage · NMLS ID #75164

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Highlights
Highlights
Loan Amount $5,000 - $500,000
APR  (Variable APR) N/A
Maximum LTV 80%

Prosperity Home Mortgage HELOC Review

Prosperity Home Mortgage HELOC is offered by Prosperity Home Mortgage (NMLS #75164), a direct lender founded in 2014 and based in Chantilly, VA. Prosperity Home Mortgage HELOC is available in 26 states (and Washington, DC).

Prosperity Home Mortgage 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 borrow as much as you need by writing a check or a credit card attached to the account.

Prosperity Home Mortgage HELOC 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 Prosperity Home Mortgage 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. 

Prosperity Home Mortgage HELOC offers home equity loans with a draw period of up to 10 years

Is there a minimum draw requirement?

No, there isn't a minimum draw requirement.

What fees does Prosperity Home Mortgage HELOC charge for a HELOC?

Prosperity Home Mortgage HELOC may charge a loan origination fee. There is also an annual fee of $75.

What types of property can you use as security for a HELOC with Prosperity Home Mortgage HELOC?

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

  • Primary homes.
  • Secondary homes and vacation properties

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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

Other Services by Prosperity Home Mortgage

Availability

  Available in 26 states and Washington, D.C.
  • Alabama
  • Arkansas
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Maryland
  • Michigan
  • Minnesota
  • Missouri
  • Nebraska
  • New Jersey
  • North Carolina
  • Ohio
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • Tennessee
  • Texas
  • Virginia
  • Wisconsin

Feature Breakdown

Annual Fee $75
Credit Score Range 620 - 850
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
  • Unemployed
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Intended Use
  • Primary Home
  • Secondary Home
Military Status
  • Active Duty Military
  • Military Dependent
  • Non-Military
  • Veterans
Minimum Age 18
Verification Documents Required
  • Government Issued Photo ID
  • Proof of Identity
  • Proof of Income
  • Proof of Residence
  • Social Security Number
  • U.S. Tax Identification Number
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
Maximum LTV 80%
Draw Period 10 years
Loan Amount $5,000 - $500,000

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