Your borrowing is based on your equity in your home, which serves as collateral. That makes the application process quick and painless.
You can use the money you withdraw from your HELOC for any financial need. It’s the money you need to make your dreams into realities.
Enjoy a low 1.99% introductory rate for the first 6 months after approval, and rates as low as 6% after that.
HELOCs offer flexible borrowing because you borrow what you need and pay only for what you borrow.
A PrimeWay home equity line of credit (HELOC) allows you to take advantage of the value you’ve added to your home to secure the line of credit. You can use a line of credit based on the equity of your home for any financial need, including:
Eliminate high-interest rate debt and consolidate your payments into one low monthly cost.
You've spent years investing in your home – now invest that equity into your child's future.
*APR = Annual Percentage Rate. 1.99% APR is an introductory rate for the first six months of the loan. After the Introductory Period, the rate is variable and based on the value of an index, as low as Prime + 0.500%, currently 5.500% APR.
The main difference is that with a home equity loan, you receive a lump-sum payment. With a HELOC, you may withdraw money when you need it and you’ll pay only for what you borrow.
Under Texas law, you will need a minimum of 20% equity in your home based on your Combined Loan-to-Value Ratio.
No, you can use the funds from your HELOC for any financial need, including debt reduction, home improvements, college, and more.
Your credit score, or FICO score, is a number that reflects your financial responsibility and helps lenders decide if you're a credit risk or not. Your score is based on - but not part of - your credit report. It's generated at the time of the request, then included with the report.
The five factors that determine your Credit Score are:
Learn more about what determines your credit score and how your score is interpreted.
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APR=Annual Percentage Rate. All rates are listed as Annual Percentage Rate (APR). Certain credit criteria and restrictions apply. Loans subject to credit approval. Qualifying rates may be based on a combination of your credit score, the term you select, collateral, lien position, loan-to-value ratio, and other normal lending criteria. Rates are subject to change without notice. Your final APR may vary based upon customary fees and closing costs, which are treatable as interest when calculating your final APR. For more information, please contact a PrimeWay representative at 713-799-6200.