Prosperity Home Mortgage HELOC
in Home Equity Lines of Credit from Prosperity Home MortgageUnaffiliated
|Loan Amount||$5,000 - $500,000|
|APR (Variable APR)||N/A|
Prosperity Home Mortgage HELOC Review
Where does Prosperity Home Mortgage HELOC do business?
Prosperity Home Mortgage is a direct lender based in Chantilly, VA. The company was founded in 2014 and offers home equity lines of credit (HELOCs) to borrowers in 26 states (and Washington, DC).
How much can you borrow with a HELOC?
Home equity lines of credit are lines of credit -- similar to a credit card -- 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%. 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 good credit, you may qualify for a line of credit of up to $60k.
What are the terms for a HELOC via 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 home
- Secondary homes and vacation properties
- Washington, DC
- New Jersey
- North Carolina
- Rhode Island
- South Carolina
|Credit Score Range||
620 - 850
|Immigration Status Considered||
|Employment Statuses Considered||
|Verification Documents Required||
|Loan Amount||$5K - $500K|