About HELOCs
A standalone home equity line of credit (HELOC) lets you borrow against the equity you’ve built in your home without refinancing or changing the rate on your existing first mortgage. Gershman’s 5-Day HELOC gives qualified homeowners flexible access to their available equity, with credit lines up to $750,000, depending on their home’s value, current mortgage balance, and program eligibility. Choose from 10-, 15-, 20-, or 30-year term options, with closing in as few as five business days.
HELOC FAQs
What can I use a HELOC for? A HELOC can cover just about anything: home renovations, tuition, debt consolidation, major purchases, or unexpected expenses. Since it’s a line of credit rather than a lump sum, it works well when you’re not sure exactly how much you’ll need.
How much can I borrow with a HELOC? Qualified homeowners may be eligible to borrow up to $750,000. Your available credit line depends on factors including your home’s value, your current mortgage balance, your credit profile, your income, and the HELOC program you qualify for.
Does a HELOC affect my current mortgage? No. A HELOC is a standalone line of credit. Your first mortgage, including the rate you already have, stays exactly as is.
Do I need a hard credit inquiry to get started? No. You can get started without a hard credit inquiry. A Gershman Mortgage loan officer walks you through the process and can often handle the application on your behalf.
How long does it take to get a HELOC? Closing can follow in as few as five business days once you’re approved. It’s fast because many HELOCs don’t require a full home appraisal. Instead, we can use an automated valuation to confirm what your home is worth. You’ll still go through underwriting, similar to a mortgage, where we verify your income, credit, and current mortgage balance.
Is the interest rate fixed or variable? Most HELOCs have a variable rate, meaning your payment can move up or down over time. We’ll walk you through exactly what that means for your payment before you commit to anything.
This is for informational purposes only and not an offer to lend or extend credit. Subject to credit and income approval. Terms and conditions are subject to change without notice.